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Confidence interval and report the lower bound

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1. A 2009 sample of New York hotel room prices had an average of $273. Assume this was from a sample of 48 hotels. Assume also that the known standard deviation for the room rates is $72. Construct a 99% confidence interval and report the lower bound for the interval. (Answer to one decimal place and do not include a $ sign).

2. A 2009 sample of New York hotel room prices had an average of $273. Assume this was from a sample of 48 hotels. Assume that the known standard deviation is $72. Construct a 99% confidence interval and report the upper bound for the interval. Your number should be larger than for the previous problem. (Answer to one decimal place and do not include a $ sign).

Reference no: EM13944171

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