The file High Desert Banking contains information regarding consumer, real estate, and small commercial loans made last year by the bank. Use your computer software to do the following:(A) Construct a frequency histogram using eight classes for dollar value of loans made last year. Does the population distribution appear to be normally distributed?(B) Compute the population mean for all loans made last year.(C) Compute the population standard deviation for all loans made last year.(D) Select a simple random sample of 36 loans. Compute the sample mean. By how much does the sample mean differ from the population mean? Use the Central Limit Theorem to determine the probability that you would have a sample mean this small or smaller and the probability that you would have a sample mean this large or larger. Loan Amount$ 33,000.00$ 30,500.00$ 84,500.00$110,500.00$21,500.00$ 59,500.00$48,500.00$ 57,000.00116,000.00$$ 89,500.00$40,000.00$ 117,500.00 Real Estate$$$$$A GA78,500.00Commercial76,000.00 Consumer90,000.00 Commercial19,000.00Commercial72,500.00Consumer57,000.00 Real Estate$102,500.00Real Estate$ 36,000.00 Commercial$123,500.00Consumer$9,000.00 Consumer$31,000.00Commercial$5,500.00Consumer$29,000.00 Commercial$ 82,000.00 Real Estate$10,500.00 Consumer$ 72,000.00 Commercial$67,000.00Commercial$6,500.00Consumer$28,500.00Commercial$ 113,500.00 Consumer$$TypeConsumerCommercialCommercialCommercial$CommercialCommercialReal EstateCommercialCommercialConsumerConsumer69 6999,000.00 Real Estate93,500.00 Real Estate$ 102,000.00 ConsumerConsumer$ 94,000.00$ 89,500.00 Commercial$ 66,500.00 Commercial$ 22,000.00 CommercialConsumer$ 107,000.00$ 65,000.00 Commercial$$ 109,000.00 Commercial118,000.00 Real Estate5,500.00 Commercial$$ 124,500.00 Commercial$ 12,000.00 Commercial$ 86,000.00 Consumer$ 113,500.00 Consumer$ 93,500.00 CommercialRegion1123341231111111112111422143414133421313111122141

Answered: The file High Desert Banking contains…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

The file High Desert Banking contains information regarding consumer, real estate, and small commercial loans made last year by the bank. Use your computer software to do the following:

(A) Construct a frequency histogram using eight classes for dollar value of loans made last year. Does the population distribution appear to be normally distributed?

(B) Compute the population mean for all loans made last year.

(D) Select a simple random sample of 36 loans. Compute the sample mean. By how much does the sample mean differ from the population mean? Use the Central Limit Theorem to determine the probability that you would have a sample mean this small or smaller and the probability that you would have a sample mean this large or larger.

Loan Amount
$ 33,000.00
$ 30,500.00
$ 84,500.00
$
110,500.00
$
21,500.00
$ 59,500.00
$
48,500.00
$ 57,000.00
116,000.00
$
$ 89,500.00
$
40,000.00
$ 117,500.00 Real Estate
$
$
$
$
$
A GA
78,500.00
Commercial
76,000.00 Consumer
90,000.00 Commercial
19,000.00
Commercial
72,500.00
Consumer
57,000.00 Real Estate
$
102,500.00
Real Estate
$ 36,000.00 Commercial
$
123,500.00
Consumer
$
9,000.00 Consumer
$
31,000.00
Commercial
$
5,500.00
Consumer
$
29,000.00 Commercial
$ 82,000.00 Real Estate
$
10,500.00 Consumer
$ 72,000.00 Commercial
$
67,000.00
Commercial
$
6,500.00
Consumer
$
28,500.00
Commercial
$ 113,500.00 Consumer
$
$
Type
Consumer
Commercial
Commercial
Commercial
$
Commercial
Commercial
Real Estate
Commercial
Commercial
Consumer
Consumer
69 69
99,000.00 Real Estate
93,500.00 Real Estate
$ 102,000.00 Consumer
Consumer
$ 94,000.00
$ 89,500.00 Commercial
$ 66,500.00 Commercial
$ 22,000.00 Commercial
Consumer
$ 107,000.00
$ 65,000.00 Commercial
$
$ 109,000.00 Commercial
118,000.00 Real Estate
5,500.00 Commercial
$
$ 124,500.00 Commercial
$ 12,000.00 Commercial
$ 86,000.00 Consumer
$ 113,500.00 Consumer
$ 93,500.00 Commercial
Region
1
1
2
3
3
4
1
2
3
1
1
1
1
1
1
1
1
1
2
1
1
1
4
2
2
1
4
3
4
1
4
1
3
3
4
2
1
3
1
3
1
1
1
1
2
2
1
4
1

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 + ...

Expert Solution