The housing department in a large city monitors the rent for rent-controlled apa

Question

The housing department in a large city monitors the rent for rent-controlled apartments in the city. The mayor wants an estimate of the average rent. The housing department must determine the number of apartments to include in a survey in order to be able to estimate the average rent to within $100 using a 95% confidence interval. From past surveys, the monthly charge for rent-controlled apartments ranged from $1,000 to $3,500. How many renters must be included in the survey to meet the requirements?

Explanation / Answer

100 - 1.96 x (2500/ (100000)^ (-0.5)) = 84.50

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