QMB 3200-The average cost per night of a hotel room in San

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June 7th, 2024

The average cost per night of a hotel room in San Francisco is $550 with a standard deviation is $150 based on a sample of 50 hotel room rates.a) Clearly state what the random variable in this problem is?b) What is an appropriate distribution to be used for finding the confidence intervals for this problem and why?c) Construct a 99% confidence interval estimate on the mean of all hotel room rates.d) What is the 90% confidence interval estimate?e) What is the 95% confidence interval estimate?

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