Confidence interval for a mean
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According to a sample of 100 apartment suites in Twin Pines, the sample mean rent is $970. The population standard deviation is $540. Construct a 99% confidence interval for the true population mean rent in Twin Pines.
(a) The mayor of Twin Pines says that the mean rent is only $700. Is this plausible?
(b) Helen lives in Twin Pines and says her rent is only $700. Is this plausible?