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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 lending mstitutions and obtains the following rates: 3.79 5.01 5.16 3.12 4.49 5.02 5.58 4.08 4.01 4.33 7.02 3.64 Round all calculated answers to 4 decimal places. George calculates a sample mean of 4.6042 and a sample standard deviation of 1.0421. 1. Calculate a 90% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assume necessary conditions have been met and round your result to it 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 90% confidence with a margin of error of no more than 0.13. 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 r' value rounded 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 interval of (2.7163, 4.2929). Which of the following statements are correct interpretations of Rachel's interval? DA If Rachel collected 100 random samples and constructed a 90 % confidence interval from each sample using the same method, she could expect that approximately 90% of the intervals would include the true mean OB. There is a 90% chance that Rachel's sample mean is between 2.7163 and 4.2929. OC. Rachel can be 90% confident that the true mean 60-month fixed-rate auto loans interest rate in her city is between 2.7163 and 4.2929. OD. 90% of all lending institutions in Rachel's city have a 60-month fixed-rate auto loans interest rate between 2.7163 and 4.2929 DE I Rachel collected another sample, there is a 90% chance that her new sample mean would be between 2.7163 and 4.2929. 4. If Rachel calculated a 95% confidence interval instead, that interval would be ? her 90% interval of 2.7163, 4.2929)

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 lending mstitutions and obtains the following rates: 3.79 5.01 5.16 3.12 4.49 5.02 5.58 4.08 4.01 4.33 7.02 3.64 Round all calculated answers to 4 decimal places. George calculates a sample mean of 4.6042 and a sample standard deviation of 1.0421. 1. Calculate a 90% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assume necessary conditions have been met and round your result to it 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 90% confidence with a margin of error of no more than 0.13. 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 r' value rounded 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 interval of (2.7163, 4.2929). Which of the following statements are correct interpretations of Rachel's interval? DA If Rachel collected 100 random samples and constructed a 90 % confidence interval from each sample using the same method, she could expect that approximately 90% of the intervals would include the true mean OB. There is a 90% chance that Rachel's sample mean is between 2.7163 and 4.2929. OC. Rachel can be 90% confident that the true mean 60-month fixed-rate auto loans interest rate in her city is between 2.7163 and 4.2929. OD. 90% of all lending institutions in Rachel's city have a 60-month fixed-rate auto loans interest rate between 2.7163 and 4.2929 DE I Rachel collected another sample, there is a 90% chance that her new sample mean would be between 2.7163 and 4.2929. 4. If Rachel calculated a 95% confidence interval instead, that interval would be ? her 90% interval of 2.7163, 4.2929)

MATLAB: An Introduction with Applications
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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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 lending institutions and obtains the following rates: 3.79 5.01 5,16 3.12 4.49 5.02 n = 5.58 4.08 4.01 7.02 4.33 3.64 Round all calculated answers to 4 decimal places. George calculates a sample mean of 4.6042 and a sample standard deviation of 1.0421. 1. Calculate a 90% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assume necessary 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 90% confidence with a margin of error of no more than 0.13. 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 ar value rounded 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 interval of (2.7163, 4.2929). Which of the following statements are correct interpretations of Rachel's interval? DA. If Rachel collected 100 random samples and constructed a 90 % confidence interval from each sample using the same method, she could expect that approximately 90% of the intervals would include the true mean OB. There is a 90% chance that Rachel's sample mean is between 2.7163 and 4.2929. DC. Rachel can be 90% confident that the true mean 60-month fixed-rate auto loans interest rate in her city is between 2.7163 and 4.2929. D. 90% of all lending institutions in Rachel's city have a 60-month fixed-rate auto loans interest rate between 2.7163 and 4.2929. DE. If Rachel collected another sample, there is a 90% chance that her new sample mean would be between 2.7163 and 4.2929. 4. If Rachel calculated a 95% confidence interval instead, that interval would be ? her 90% interval of (2.7163, 4.2929).
Transcribed Image Text: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 lending institutions and obtains the following rates: 3.79 5.01 5,16 3.12 4.49 5.02 n = 5.58 4.08 4.01 7.02 4.33 3.64 Round all calculated answers to 4 decimal places. George calculates a sample mean of 4.6042 and a sample standard deviation of 1.0421. 1. Calculate a 90% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assume necessary 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 90% confidence with a margin of error of no more than 0.13. 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 ar value rounded 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 interval of (2.7163, 4.2929). Which of the following statements are correct interpretations of Rachel's interval? DA. If Rachel collected 100 random samples and constructed a 90 % confidence interval from each sample using the same method, she could expect that approximately 90% of the intervals would include the true mean OB. There is a 90% chance that Rachel's sample mean is between 2.7163 and 4.2929. DC. Rachel can be 90% confident that the true mean 60-month fixed-rate auto loans interest rate in her city is between 2.7163 and 4.2929. D. 90% of all lending institutions in Rachel's city have a 60-month fixed-rate auto loans interest rate between 2.7163 and 4.2929. DE. If Rachel collected another sample, there is a 90% chance that her new sample mean would be between 2.7163 and 4.2929. 4. If Rachel calculated a 95% confidence interval instead, that interval would be ? her 90% interval of (2.7163, 4.2929).
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