Mortgage rates: Following are interest rates (annual percentage rates) for a 30-year fixed rate mortgage from a sample of lenders in Macon, Georgia for one day. It is reasonable to assume that the population is approximately normal.4.7524.3744.1724.6784.4214.2274.1254.2513.9534.1944.295 Send data to Excel Part: 0 / 20 of 2 Parts Complete Part 1 of 2 (a) Construct a 90% confidence interval for the mean rate. Round the answer to at least four decimal places. A 90% confidence interval for the mean rate is <<μ .

To construct a 90% confidence interval for the mean mortgage rate, follow these steps: 1. Calculate…

Answered: Mortgage rates: Following are interest…

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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Mortgage rates: Following are interest rates (annual percentage rates) for a

-year fixed rate mortgage from a sample of lenders in Macon, Georgia for one day. It is reasonable to assume that the population is approximately normal.

4.752	4.374	4.172	4.678	4.421	4.227
4.125	4.251	3.953	4.194	4.295

Send data to Excel

Part: 0 / 2

0 of 2 Parts Complete

Part 1 of 2

(a) Construct a

90%

confidence interval for the mean rate. Round the answer to at least four decimal places.

90%

confidence interval for the mean rate is

<<μ

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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