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 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.

Homework Answers

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

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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 ..
*Please Answer All * 1. A company has developed a new type of light bulb and...
*Please Answer All * 1. A company has developed a new type of light bulb and wants to estimate its mean lifetime. A simple random sample of 12 bulbs had a sample mean lifetime of 651 hours with a sample standard deviation of 31 hours. It is reasonable to believe that the population is approximately normal. Find the lower bound of the 95% confidence interval for the population mean lifetime of all bulbs manufactured by this new process. Round to...
In order to estimate the mean 30-year fixed mortgage rate for a home loan in the...
In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 21 recent loans is taken. The average calculated from this sample is 4.50%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a standard deviation of 0.3%. Compute 90% and 95% confidence intervals for the population mean 30-year fixed mortgage rate. (You may find it useful to reference the z table. Round intermediate calculations...
In order to estimate the mean 30-year fixed mortgage rate for a home loan in the...
In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 14 recent loans is taken. The average calculated from this sample is 7.35%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a standard deviation of 0.6%. Compute 90% and 99% confidence intervals for the population mean 30-year fixed mortgage rate. (You may find it useful to reference the z table. Round intermediate calculations...
In order to estimate the mean 30-year fixed mortgage rate for a home loan in the...
In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 27 recent loans is taken. The average calculated from this sample is 5.50%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a standard deviation of 0.8%. Compute 90% and 95% confidence intervals for the population mean 30-year fixed mortgage rate. (You may find it useful to reference the z table. Round intermediate calculations...
Bank of America offers you a 30-year, fixed-rate mortgage with 80% LTV, an annual interest rate...
Bank of America offers you a 30-year, fixed-rate mortgage with 80% LTV, an annual interest rate of 4.25%, and mortgage payments of $2,312. Home value is 550,000. What is the down payment on this loan?
30. The data represents a sample of the number of home fires started by candles for...
30. The data represents a sample of the number of home fires started by candles for the past 7 years in a certain city. 5460 5900 6090 6310 7160 8480 9930 (Check yourself: the sample mean is 7047 and sample standard deviation is 1616) a. Identify the variable in this set up b. Identify an individual in this set up c. Find and interpret the 99% confidence interval for the mean number of home fires started by candles each year,...
What percentage of hospitals provide at least some charity care? Based on a random sample of...
What percentage of hospitals provide at least some charity care? Based on a random sample of hospital reports from eastern states, the following information is obtained (units in percentage of hospitals providing at least some charity care): 57.1 56.1 53.2 65.7 59.0 64.7 70.1 64.7 53.5 78.2 Assume that the population of x values has an approximately normal distribution. (a) Use a calculator with mean and sample standard deviation keys to find the sample mean percentage x and the sample...
What percentage of hospitals provide at least some charity care? Based on a random sample of...
What percentage of hospitals provide at least some charity care? Based on a random sample of hospital reports from eastern states, the following information is obtained (units in percentage of hospitals providing at least some charity care): 57.2 55.7 52.9 65.7 59.0 64.7 70.1 64.7 53.5 78.2 Assume that the population of x values has an approximately normal distribution. (a) Use a calculator with mean and sample standard deviation keys to find the sample mean percentage x and the sample...
What percentage of hospitals provide at least some charity care? Based on a random sample of...
What percentage of hospitals provide at least some charity care? Based on a random sample of hospital reports from eastern states, the following information is obtained (units in percentage of hospitals providing at least some charity care): 57.4 56.3 53 65.7 59.0 64.7 70.1 64.7 53.5 78.2 Assume that the population of x values has an approximately normal distribution. (a) Use a calculator with mean and sample standard deviation keys to find the sample mean percentage x and the sample...