Auto Loans ~ George works for a credit union that serves a large, urban area. For his annual report, he wants to estimate the mean interest rate for 60-month fixed-rate auto loans at lending institutions (banks, credit unions, auto dealers, etc.) in his area. George selects a random sample of 12 lendinginstitutions and obtains the following rates:5.735.16.26.026.42 3.0811.72 8.03n =8.635.37.962.81Round all calculated answers to 4 decimal places.George calculates a sample mean of 6.4167 and a sample standard deviation of 2.4459.1. Calculate a 99% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assumenecessary conditions have been met and round your result to 4 decimal places.(After calculating the interval, George decides he wants to estimate the interest rate for 60-month fixed-rate auto loans at 99% confidence with amargin of error of no more than 1.63.2. Using George's initial sample results as a starting point, how large a sample would George need to collect to accomplish his goal? Use a t* valuerounded to 3 decimal places in your calculations and give your answer as an integer.3. George's colleague Rachel works at a credit union in a different city. Rachel collects a similar sample from her city and calculates a 90% confidence

Let be the population mean interest rate for 60-month fixed-rate auto loans at lending institutions…

Answered: 1. Calculate a 99% confidence interval…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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4. Along with interest rates, life expectancy is a component in pricing financial annuities. Suppose that you know that last year average life expectancy was 77 years for your annuity holders. Now you want to know if your clients this year have a longer life expectancy, on average, so you randomly sample n=20 of your recently deceased annuity holders to see actual age at death. Using a 5% level of significance, test whether or not the new data shows evidence of your annuity holders now live longer than 77 years, on average. The data below are the sample data (in years of life): (78,75,83,81,81,77,78,79,79,81,76,79,77,76,79,81,73,74,78,79) a) Does this sample indicate that life expectancy has increased? Test an appropriate hypothesis and state your conclusion (use a 5% level of significance). Be sure to check the necessary assumptions and conditions before conducting your test. b) Construct A 90% confidence interval for the true average age of death for the population of your annuity…
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