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The interval of true average price of a regular room with a king size bed in the resort community with 99% confidence is ( 14.74, 48.89 ).
What is the confidence interval of an average?
One method of determining the actual population mean is by using a confidence interval for the mean. A confidence interval provides a lower estimate and an upper estimate rather than just the mean.
A confidence interval expresses the degree of uncertainty surrounding a given statistic. A margin of error is frequently used with confidence intervals. It reveals the degree to which you may be certain that the findings of a poll or survey correspond to what you would anticipate discovering if it were possible to poll the complete population. Levels of confidence are inextricably linked to confidence intervals.
x = mean;
99% confidence interval for μ is
(x - t * S) /√n < μ <( x + t * S) /√n;
(135 - 2.898 * 25 )/√18 < μ < (135 + 2.898 * 25)/√18;
14.74< μ< 48.89;
99% CI is ( 14.74, 48.89 ) ;
critical value at 0.01 significance level with 17 df = 2.898
To learn more about confidence interval refer :
https://brainly.com/question/14825274
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