Question

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.

Answer #1

Values ( X ) | ||

4.327 | 0.0419 | |

4.461 | 0.005 | |

4.547 | 0.0002 | |

4.621 | 0.008 | |

4.365 | 0.0278 | |

4.558 | 0.0007 | |

4.842 | 0.0963 | |

Total | 31.721 | 0.1799 |

Mean

Standard deviation

Confidence Interval

Upper Limit =

Upper Limit = 4.7374

The upper bound of the 99% confidence interval for the mean rate is
4.7374

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 ..

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