The situation is as follows: Rent and other associated housingcosts, such as utilities, are an important part of the estimatedcosts of attendance at college. A group of researchers at theOff-Campus Housing department want to estimate the mean monthlyrent that unmarried students paid during Winter 2019. During March2019, they randomly sampled 366 students and found that on average,students paid $348 for rent with a standard deviation of $76. Theplot of the sample data showed no extreme skewness or outliers.Calculate a 98% confidence interval estimate for the mean monthlyrent of all unmarried students in Winter 2019. QUESTION: What is a98% confidence interval estimate for the mean monthly rent of allunmarried BYU students in Winter 2019?
1A. State the name of the appropriate estimation procedure.
1B Describe the parameter of interest in the context of theproblem.
1C. Name the conditions for the procedure.
1D. Explain how the above conditions are met. (
1E. Write down the confidence level and the t* criticalvalue.
1F. Calculate the margin of error for the interval to twodecimal places. Show your work.
1G. Calculate the confidence interval to two decimal places andstate it in interval form.
1H. CONCLUDE Interpret your confidence interval in context. Dothis by including these three parts in yourconclusion: Level of confidence, Parameter of interestin context, the interval estimate
