Create 95 confidence interval for average daily parking

Reference no: EM13473099

Hoping to lure more customers to the downtown area, the city council has voted to build a new parking garage. They plan to pay for the garage using parking fees. In order to determine what the fees at the new structure should be, the daily fees collected during a three month period (66 weekdays) at another parking facility averaged $126 with a standard deviation of $15.

a. Construct a 95% confidence interval for the average daily parking fees.

The consultant, who advised the city on this project, predicted that the parking revenues would average $130 per day. Based on your confidence interval, do you think the consultant was correct? Explain.

Reference no: EM13473099

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