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Name: A bank manager wants to know the mean amount of mortgage paid per mont
Uploaded: 2024-03-20T07:07:12.000Z
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Description: A bank manager wants to know the mean amount of mortgage paid per month by homeowners in an area. A random sample of 119 homeowners selected from this area showed that they pay an average of $1574 per month for their mortgages. The population standar

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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A bank manager wants to know the mean amount of mortgage paid per month by homeowners in an area. A random sample of 119 homeowners selected from this area showed that they pay an average of $1574 per month for their mortgages. The population standard deviation of such mortgages is $214.

a. Find a 97% confidence interval for the mean amount of mortgage paid per month by all homeowners in this area. Round your answers to two decimal places

_______ to ________ dollars

Round your answers to two decimal places

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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