A city built a new parking garage in a business district.
A city built a new parking garage in a business district. For a random sample of 100 days, daily
fees collected averaged $2,000, with a standard deviation of $500.
(a) Construct a 90% confidence interval estimate of the mean daily income this parking garage generates. Show all work. Just the answer, without supporting work, will receive no credit. Include description of how confidence interval was constructed.
(b) Describe the confidence interval in everyday language.