Estimate of the population mean time, Basic Statistics

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The average cost per night of a hotel room in New York City is $273 (SmartMoney, March 2009).

Assume this estimate is based on a sample of 45 hotels and that the sample standard deviation is $65.

a. With 95% confidence, what is the margin of error?

b. What is the 95% confidence interval estimate of the population mean?

c. Two years ago the average cost of a hotel room in New York City was $229. Discuss the change in cost over the two-year period.

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