Question

# Following are interest rates (annual percentage rates) for a 30-year-fixed-rate mortgage from a sample of lenders...

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 ..

 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

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