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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 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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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

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