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The mortgage foreclosure crisis that preceded the Great Recession impacted the U.S. economy in many ways,...

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Basic Math

The mortgage foreclosure crisis that preceded the GreatRecession impacted the U.S. economy in many ways, but it alsoimpacted the foreclosure process itself as community activistsbetter learned how to delay foreclosure, and lenders became morewary of filing faulty documentation. Suppose the duration of theeight most recent foreclosures filed in the city of Boston (fromthe beginning of foreclosure proceedings to the filing of theforeclosure deed, transferring the property) has been 230 days, 420days, 340 days, 367 days, 295 days, 314 days, 385 days, and 311days. Assume the duration is normally distributed.

Refer to Exhibit 8-2. Construct a 90% confidence interval forthe mean duration of the foreclosure process in Boston.

[259.7400, 405.7600]

[293.2137, 372.2863]

[298.4296, 367.0704]

[303.2282, 362.2718]

Answer & Explanation Solved by verified expert
4.0 Ratings (579 Votes)
sample std dev s X x n1 590103 Sample Size n 8 Sample Mean x Xn 3327500    See Answer
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