An apartment complex developer is considering building apartments in College Town, but first wants to do a market study. A sample was selected of monthly rent values ($) for 80 studio apartments in College Town with sample mean of 498.76. (Based on past experience, the developer assumes a known value of s = $65 for the population standard deviation.) a. Develop a 98% confidence interval for the mean monthly rent for all studio apartments in this city.
b. Suppose the apartment developer wants a 98% confidence interval estimate of the population mean with a margin of error of E = $15. What sample size is needed?