3. Mariana would like to purchase a home and is interested in finding out the average interest rate for a 30-year fixed mortgage. Bankrate.com states that the population standard deviation for a 30- year fixed mortgage interest rate is .13%. Mariana does some research and collects a simple random sample of 24 interest rates for a 30-year fixed mortgage and finds that the average interest rate is 2.99%. Assume that the data is normally distributed. a) Construct a 95% confidence interval for the average interest rate for a 30-year fixed mortgage. Explain the meaning in the context of the problem. b) If normality were not given, would you have been able to do part a? Explain your reasoning. c) If Mariana took a simple random sample of 37 homes, (with all other values being the same) would you expect the confidence interval to get wider or narrower? Explain your reasoning.

3. Mariana would like to purchase a home and is interested in finding out the average interest rate for a 30-year fixed mortgage. Bankrate.com states that the population standard deviation for a 30- year fixed mortgage interest rate is .13%. Mariana does some research and collects a simple random sample of 24 interest rates for a 30-year fixed mortgage and finds that the average interest rate is 2.99%. Assume that the data is normally distributed. a) Construct a 95% confidence interval for the average interest rate for a 30-year fixed mortgage. Explain the meaning in the context of the problem. b) If normality were not given, would you have been able to do part a? Explain your reasoning. c) If Mariana took a simple random sample of 37 homes, (with all other values being the same) would you expect the confidence interval to get wider or narrower? Explain your reasoning.

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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