Confidence interval for mean daily income of parking garage

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Reference no: EM13154185

Hoping to lure more shoppers downtown, a city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. During a 2 month period (44 weekends), daily fees collected averaged $126, with a standard deviation of $15.

(a). What assumptions must you make in order to use these statistics for inference?
(b). Write a 90% confidence interval for the mean daily income this parking garage will generate.

(c). Explain in context what this confidence interval means.
(d). Explain what "90% confidence" means in this context.

Reference no: EM13154185

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