Question: Confidence Intervals for Means:

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 two-month period (n = 44 weekdays), daily fees collected at the parking garage averaged \(\bar{y}\) = $1,264 with a standard deviation of s = $150.

1. Use computer software to create a 90% confidence interval for the mean daily income generated by this parking garage. Show your computer output.
2. The consultant who advised the city on this particular project predicted that daily parking revenues would average $1,300. On the basis of your confidence interval, evaluate the consultant’s prediction.
3. Write a complete sentence interpreting the meaning of the confidence interval in the context of the problem. Include the parameter, variable, and population of interest in your interpretation.

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