Question

Following are interest rates (annual percentage rates) for a
30-year-fixed-rate mortgage from a sample of lenders in a certain
cityIt is reasonable to assume that the population is approximately
normal.

4.327,4.461,4,547 4.468, 4.365 , 4.707, 4.842

Find the upper bound of the 99% confidence interval for the
mean rate.

Round to three decimal places (for example : 4.015 ). Write
only a number as your answer . Do not write any units ..

Answer #1

x | (x-xbar)^2 | |

4.327 | 0.041616 | |

4.461 | 0.0049 | |

4.547 | 0.000256 | |

4.468 | 0.003969 | |

4.365 | 0.027556 | |

4.707 | 0.030976 | |

4.842 | 0.096721 | |

Sum | 31.717 | 0.205994 |

Mean(x)=xbar=sum(x)/n | 4.531 |

standard deviation(s)=sum(x-xbar)^2/n-1 | 0.18529 |

n | 7 |

for 99 % confidence level with degree of freedom (n-1)=6 | |

c | 0.1 |

degrres of freedom | 6 |

t=critical value obtain using t-table with corresponding df=n-1 | 1.94318 |

Margin of error =t*s/sqrt(n) | 0.136087 |

lower bound =xbar-ME | 4.394913 |

upper bound =xbar+ME | 4.667087 |

Upper bound=4.667

# upper bound of the 99% confidence interval for the mean rate. is 4.667

Following are interest rates (annual percentage rates) for a
30-year-fixed-rate mortgage from a sample of lenders in a certain
city. It is reasonable to assume that the population is
approximately normal. 4.327, 4.461, 4.547, 4.621 , 4.365, 4.558 ,
4.842 Find the upper bound of the 99% confidence interval for the
mean rate.

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