In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random

In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 10 recent loans is taken. The average calculated from this sample is 6.40%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a population standard deviation of 0.5%. Compute 95% and 99% confidence intervals for the population mean 30-year fixed mortgage rate.


Leave a Reply

Your email address will not be published. Required fields are marked *