A college is concerned that the scarcity of housing in the immediate area has made it difficult for students to find affordable accommodation. It is claimed that the average monthly rent paid by a student at the college is $500. A random sample of 40 students is surveyed, and their monthly rent costs are recorded. The sample mean was $543.21, with a sample standard deviation of $47.89. The sample data appear normally distributed. Construct a 95% confidence interval estimate for the average monthly rent paid by students at this college. What does this allow you to conclude about the claim that the average monthly rent is $500?
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