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 $ 1572 per month for their mortgages. The population standard deviation of such mortgages is $ 218 . 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. Enter your answer; confidence interval, lower bound to Enter your answer; confidence interval, upper bound dollars b. Suppose the confidence interval obtained in part a is too wide. Select all of the ways the width of this interval can be reduced. Lowering the sample size Increasing the sample size Lowering the confidence level Increasing the confidence level
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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.
Enter your answer; confidence interval, lower bound to Enter your answer; confidence interval, upper bound dollars
b. Suppose the confidence interval obtained in part a is too wide. Select all of the ways the width of this interval can be reduced.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
