The interest rates of 5 banks are given below. Interest rates are claimed to be 4.5 different from the median. Find the account value using this data.
The interest rates of 5 banks are given below. Interest rates are claimed to be 4.5 different from the median. Find the account value using this data.
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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The interest rates of 5 banks are given below. Interest rates are claimed to be 4.5 different from the
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Transcribed Image Text:Bank number Interest rate (Xi)
1
8,1
2
6,5
3
6,1
4
2,2
5
4,7
Expert Solution
Step 1
Given claim: The median value is different from 4.5.
Given sample values are,
| 2.2 |
| 4.7 |
| 6.1 |
| 6.5 |
| 8.1 |
Now subtract 4.5 from the sample values:
| 2.2-4.5=-2.3 |
| 4.7-4.5=0.2 |
| 6.1-4.5=1.6 |
| 6.5-4.5=2 |
| 8.1-4.5=3.6 |
Here, the number of negatives signs is 1 and the number of positive signs is 4.
Hence, the variable X=4 follows Binomial distribution with n=5 and p=0.5.
The corresponding critical region is X<=4.
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