Jse the standard normal distribution or the t-distribution to construct a 90% confidence interval for the population mean. Justify your decision. If neither distributione pe used, explain why. Interpret the results. In a random sample of 23 mortgage institutions, the mean interest rate was 3.69 % and the standard deviation was 0.43%. Assume the interest rates are normally distributed. UD. Use a normal distribution becausen<30 and the interest rates are normally distributed. O E. Cannot use the standard normal distribution or the t-distribution because a is unknown, n<30, and the interest rates are not normally distributed. Select the correct choice below and, if necessary, fill in any answer boxes to complete your choice. O A. The 90% confidence interval is (Round to two decimal places as needed.) O B. Neither distribution can be used to construct the confidence interval. Interpret the results. Choose the correct answer below. A. It can be said that 90% of institutions have an interest rate between the bounds of the confidence interval. B. With 90% confidence, it can be said that the population mean interest rate is between the bounds of the confidence interval. C. Ifa large sample of institutions are taken approximately 90% of them will have an interest rate between the bounds of the confidence interval. O P. Neither distribution can be used to construct the confidence interval
Jse the standard normal distribution or the t-distribution to construct a 90% confidence interval for the population mean. Justify your decision. If neither distributione pe used, explain why. Interpret the results. In a random sample of 23 mortgage institutions, the mean interest rate was 3.69 % and the standard deviation was 0.43%. Assume the interest rates are normally distributed. UD. Use a normal distribution becausen<30 and the interest rates are normally distributed. O E. Cannot use the standard normal distribution or the t-distribution because a is unknown, n<30, and the interest rates are not normally distributed. Select the correct choice below and, if necessary, fill in any answer boxes to complete your choice. O A. The 90% confidence interval is (Round to two decimal places as needed.) O B. Neither distribution can be used to construct the confidence interval. Interpret the results. Choose the correct answer below. A. It can be said that 90% of institutions have an interest rate between the bounds of the confidence interval. B. With 90% confidence, it can be said that the population mean interest rate is between the bounds of the confidence interval. C. Ifa large sample of institutions are taken approximately 90% of them will have an interest rate between the bounds of the confidence interval. O P. Neither distribution can be used to construct the confidence interval
A First Course in Probability (10th Edition)
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Author:Sheldon Ross
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Continuous Probability Distributions
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Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
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Use the standard normal distribution or the t-distribution to construct a 90% confidence interval for the population mean. Justify your decision. If neither distribution can
Tables (fo be used, explain why. Interpret the results,
In a random sample of 23 mortgage institutions, the mean interest rate was 3.69% and the standard deviation was 0.43%. Assume the interest rates are normally
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O D. Use a normal distribution because n<30 and the interest rates are normally distributed.
Gradebod O E. Cannot use the standard normal distribution or the t-distribution because a is unknown, n < 30, and the interest rates are not normally distributed.
Select the correct choice below and, if necessary, fill in any answer boxes to complete your choice.
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O A. The 90% confidence interval is ()
(Round to two decimal places as needed.)
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Interpret the results. Choose the correct answer below.
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A. It can be said that 90% of institutions have an interest rate between the bounds of the confidence interval.
O B. With 90% confidence, it can be said that the population mean interest rate is between the bounds of the confidence interval.
Multimed
OC. Ifa large sample of institutions are taken approximately 90% of them will have an interest rate between the bounds of the confidence interval.
O D. Neither distribution can be used to construct the confidence interval.
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Transcribed Image Text:Workshee
Use the standard normal distribution or the t-distribution to construct a 90% confidence interval for the population mean. Justify your decision. If neither distribution can
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Tables (fo be used, explain why. Interpret the results.
In a random sample of 23 mortgage institutions, the mean interest rate was 3,69% and the standard deviation was 0,43%. Assume the interest rates are normally
Assignme distributed.
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Which distribution should be used to construct the confidence interval?
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O A. Use a normal distribution because the interest rates are normally distributed and a is known.
B. Use a t-distribution because it is a random sample, o is unknown, and the interest rates are normally distributed.
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O C. Use a t-distribution because the interest rates are normally distributed and o is known.
Accessibl
Resource
O D. Use a normal distribution because n< 30 and the interest rates are normally distributed.
O E. Cannot use the standard normal distribution or the t-distribution because a is unknown, n<30, and the interest rates are not normally distributed.
Select the correct choice below and, if necessary, fill in any answer boxes to complete your choice.
Tools for
O A. The 90% confidence interval is ().
(Round to two decimal places as needed.)
O B. Neither distribution can be used to construct the confidence interval.
Multimed
Interpret the results. Choose the correct answer below.
Click to select your answer.
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