State whether it is reasonable to conclude that it takes less time for the customers who applies for the 30-years fixed-rate mortgage.

Question

Want to see the full answer?

Answer 1

Question

Chapter 16, Problem 18E

To determine

State whether it is reasonable to conclude that it takes less time for the customers who applies for the 30-years fixed-rate mortgage.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

According to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1056 in 2018. Consider the population of “last-minute” filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience, a population standard deviation of σ = $1,600 may be assumed. Test the researcher's assertion using the critical value approach. Use α = 0.05 (Please include all the 7 steps in hypothesis testing) Steps in hypothesis testing p-value Approach Develop the null and alternative hypothesis Specify the level of significance, α Choose the test statistic (z or t) Calculate the test statistic Use the value of the…

According to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,074 in 2018. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of Ho will support the researcher's contention. Но: p is - Select your answer - Ha: :µ is - Select your answer - b. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience a population standard eviation of o = $1,600 may be assumed. What the p-value (to 4 decimals)? c. Using a = 0.05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early…

According to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,072 in 2018. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of Ho will support the researcher's contention. Ho: u is less than or equal to 1,072 Ha: H is Select your answer- b. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $920. Based on prior experience a population standard deviation of o = $1,600 may be assumed. What is the p-value (to 4 decimals)? c. Using a = 0.05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for…