1. The estimated daily living costs for an executive traveling to various major cities follow. The estimates include a single room at a four-star hotel, beverages, breakfast, taxi fares, and incidental costs.
City Daily Cost City Daily Cost
Bangkok $242.87 Madrid $283.56
Bogota 260.93 Mexico City 212.00
Bombay 139.16 Milan 284.08
Cairo 194.19 Paris 436.72
Dublin 260.76 Rio de Janeiro 240.87
Frankfort 355.36 Seoul 310.41
Hong Kong 346.32 Tel Aviv 223.73
Johannesburg 165.37 Toronto 181.25
Lima 250.08 Warsaw 238.20
London 326.76 Washington D.C. 250.61
a) Compute the sample mean.
b) Compute the sample standard deviation.
c) Compute a 95% confidence interval for the population mean.
This problem demontrates several basic statistical computations. The student will learn how to calculate a sample mean and standard deviation and how to form a confidence interval (assuming a normal distribution) for the population mean from the given data.