b. Construct the 95% confidence interval for the mean sale time for all homes in the neighborhood. (Round intermediate calculations to at least 4 decimal places. Round "z" value to 3 decimal places and final answers to 2 decimal places.)

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Please help me with the part B only for number 4

and part question 3 too

 

Check my work
In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a
random sample of 28 recent loans is taken. The average calculated from this sample is 5.25%. It
can be assumed that 30-year fixed mortgage rates are normally distributed with a standard
deviation of 0.50%. Compute 90% and 99% confidence intervals for the population mean 30-year
fixed mortgage rate. (You may find it useful to reference the z table. Round intermediate
calculations to at least 4 decimal places. Round "z" value to 3 decimal places and final answers
to 2 decimal places. Enter your answers as percentages, not decimals.)
2
points
еВook
Print
Confidence Level
Confidence Interval
90%
%
to
%
References
99%
to
Transcribed Image Text:Check my work In order to estimate the mean 30-year fixed mortgage rate for a home loan in the United States, a random sample of 28 recent loans is taken. The average calculated from this sample is 5.25%. It can be assumed that 30-year fixed mortgage rates are normally distributed with a standard deviation of 0.50%. Compute 90% and 99% confidence intervals for the population mean 30-year fixed mortgage rate. (You may find it useful to reference the z table. Round intermediate calculations to at least 4 decimal places. Round "z" value to 3 decimal places and final answers to 2 decimal places. Enter your answers as percentages, not decimals.) 2 points еВook Print Confidence Level Confidence Interval 90% % to % References 99% to
Check my work
A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of
houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants
to know when it is optimal to put their house on the market. Her realtor friend informs them that the
last 13 houses that sold in their neighborhood took an average time of 45 days to sell. The realtor
also tells them that based on her prior experience, the population standard deviation is 5 days.
[You may find it useful to reference the z table.]
2
points
a. What assumption regarding the population is necessary for making an interval estimate for the
population mean?
еВook
Hint
Print
Assume that the central limit theorem applies.
References
Assume that the population has a normal distribution.
b. Construct the 95% confidence interval for the mean sale time for all homes in the neighborhood.
(Round intermediate calculations to at least 4 decimal places. Round "z" value to 3 decimal
places and final answers to 2 decimal places.)
Confidence interval
to
Transcribed Image Text:Check my work A family is relocating from St. Louis, Missouri, to California. Due to an increasing inventory of houses in St. Louis, it is taking longer than before to sell a house. The wife is concerned and wants to know when it is optimal to put their house on the market. Her realtor friend informs them that the last 13 houses that sold in their neighborhood took an average time of 45 days to sell. The realtor also tells them that based on her prior experience, the population standard deviation is 5 days. [You may find it useful to reference the z table.] 2 points a. What assumption regarding the population is necessary for making an interval estimate for the population mean? еВook Hint Print Assume that the central limit theorem applies. References Assume that the population has a normal distribution. b. Construct the 95% confidence interval for the mean sale time for all homes in the neighborhood. (Round intermediate calculations to at least 4 decimal places. Round "z" value to 3 decimal places and final answers to 2 decimal places.) Confidence interval to
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