The mean monthly car payment for 123 residents of the local apartment complex is $624. What is the best point estimate for the mean monthly car payment for all residents of the local apartment complex?

The best point estimate for the mean monthly car payment for all residents of the local apartment complex is $624.

Step-by-step explanation:

The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean and standard deviation , the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean and standard deviation .

In this question:

We apply the inverse Central Limit Theorem.

The mean monthy car payment for 123 residents of the local apartment complex is $624.

So, for all residents of the local apartment complex, the best point estimate for the mean monthly car payment is $624.