In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 15 recent loans is taken. The average calculated from this sample is 7.85%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a population standard deviation of 0.6%. 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 your final answer to 2 decimal places. Enter your answers as percentages, not decimals.) Confidence Level 90% 95% Confidence Interval % to % % to %

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter13: Probability And Calculus
Section13.2: Expected Value And Variance Of Continuous Random Variables
Problem 10E
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In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 15 recent loans is
taken. The average calculated from this sample is 7.85%. It can be assumed that 30-year fixed mortgage rates are normally distributed
with a population standard deviation of 0.6%. 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 your final answer to 2 decimal places. Enter your answers as
percentages, not decimals.)
Confidence Level
90%
95%
Confidence Interval
%
to
%
%
to
%
Transcribed Image Text:In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 15 recent loans is taken. The average calculated from this sample is 7.85%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a population standard deviation of 0.6%. 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 your final answer to 2 decimal places. Enter your answers as percentages, not decimals.) Confidence Level 90% 95% Confidence Interval % to % % to %
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