1. (Home prices & confidence interval & hypothesis testing) Suppose you collect a random sample of 2,610 homes sold in Stockton, CA, between the years 1996 and 1998. For each of the 2,610 sold homes within this sample, you obtain data on the home size, sale price, number of bedrooms, etc. You then summarize this data and variables in the table of descriptive statistics displayed at the last page of this assignment. Please use the results in that table of descriptive statistics to answer the following questions related to statistical inference. Table 1. Summary statistics: Stocktown house sales data mean sd skewness min p5 p25 p50 P75 P95 Sale price of home max 121653.71 68625.91 3.16 21000.00 59900.00 83000.00 105000.00 135000.00 250000.00 740000.00 Living area of home (hundreds sq ft) 16.09 5.90 1.73 7.00 9.00 12.00 15.00 18.00 27.00 57.00 Number of beds in home 3.13 0.70 0.60 1.00 2.00 3.00 3.00 3.00 4.00 9.00 Number of bathrooms in home 1.97 0.64 0.69 1.00 1.00 2.00 2.00 2.00 3.00 7.00 Dummy for lot > .5 acre (=1) 0.05 0.22 4.07 0.00 0.00 0.00 0.00 0.00 1.00 1.00 Age of home 28.60 20.78 0.79 0.00 3.00 13.00 21.00 44.00 71.00 98.00 Dummy for pool 0.05 0.22 4.14 0.00 0.00 0.00 0.00 0.00 0.00 1.00 Observations 2610 Source: Data provided by Dr. John Knight, Department of Finance, University of the Pacific. (a) Please construct an 87% confidence interval for the population mean of house prices in Stockton (CA) between the years 1996 and 1998