A bank manager wants to know the mean amount of mortgage paid per month by homeowners...

60.1K

Verified Solution

Question

Statistics

A bank manager wants to know the mean amount of mortgage paidper month by homeowners in an area. A random sample of 114homeowners selected from this area showed that they pay an averageof $1579 per month for their mortgages. The population standarddeviation of such mortgages is $213.

Find a 95% confidence interval for the mean amount of mortgagepaid per month by all homeowners in this area.

Round your answers to two decimal places.

____to____  dollars

Answer & Explanation Solved by verified expert
4.4 Ratings (682 Votes)
Solution Given thatPoint estimate sample mean    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students