SOLUTION: You randomly select 20 mortgage institutions and determine the current mortgage intrest rate at each. The sample mean rate is 6.22% with a sample standard deviation of 0.42%. Find
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Question 451287: You randomly select 20 mortgage institutions and determine the current mortgage intrest rate at each. The sample mean rate is 6.22% with a sample standard deviation of 0.42%. Find the 99% confidence interval for the population mean mortgage interest rate. Assume the interest rates are approximately normally distributed. Answer by ewatrrr(24785) (Show Source):
Hi,
sample (20)mean rate is 6.22% with a sample standard deviation of 0.42%.
ind the %confidence interval for the population mean mortgage interest rate.
ME = [.42/sqrt(20)] = .24
CI: 6.22-.24 < u < 6.22 +.24
