3. What is the approximate probability that House4U loans have an average time to approval of 46 days or less? Explain your reasoning using distance from mean.
3. What is the approximate probability that House4U loans have an average time to approval of 46 days or less? Explain your reasoning using distance from mean.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text:1 Approval time
80
46
62
70
27
53
87
33
87
64
74
LE3AFCEN
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
75
20
60
42
36
12
29
32
54
55
68
47
68
73
13
89
90
70
21
62
57
63
90
16
21
55
+
41.7193
Approval time
100
90
80
70
60
50
40
30
20
10
0
0
●
●
5
●
●
●
10
F
'Approval time'
●
15
G
●
20
●
25
●
H
30
●
1
35
40
Transcribed Image Text:Part 1:
A large mortgage company, House4U, has been tasked by the CEO to reduce the amount of time it takes
to approve new applications for mortgage loans. The approval process must go through formal
underwriting, which includes a review of the application and obtaining and reviewing the following:
credit bureau report, pay stubs, copies of tax returns, additional work history information, bank
statements and other asset information, title search, and the property appraisal.
You are hired as a consultant and begin by collecting the data needed to begin your analysis. You select
a random sample of 36 mortgage loans which were approved during the last month. You calculate the
sample mean and standard deviation in Excel (Use the dataset called "Approval_time.xlsx" in Problem
Set #2 Folder).
2
C
IN VIP
SE = 4.005
Calculation:
SE = St. Dev / √n
SE = 23.696/V36
SE =4.005
of edu.
vo
our 1.8 Va
time tine.
Crage me and mouse, i uppies
-gre
-Contrary
557
SE INS
-O
rations Cha
unat in
3. What is the approximate probability that House4U loans have an average time to approval of
46 days or less? Explain your reasoning using distance from mean.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman