Downtown development. 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 trial period, the collected daily fees followed a normal distribution with a standard deviation of $171. Assuming this information holds for all parking fees at this garage, you are asked to help compute a 98% confidence interval for the mean daily income this parking garage will generate. You are provided with a random sample of 14 days, which had a sample mean of $1,294. Report the UPPER bound of this interval. Keep four decimal places in your intermediate calculations and report your answer as a number, rounded to two (2) decimal places. (a) To construct the confidence interval, should you use the normal distribution orat distribution?
(b) Construct a 90% confidence interval.
(c) The consultant who advised the city on this project predicted that parking revenues would average $130 per day. Based on your confidence interval, do you think the consultant could have been correct? Why or why not?