2nd Edition

ISBN: 9781259570643

Author: Navidi

Publisher: MCG

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Chapter 7.2, Problem 32E

Mortgage rates: Following are interest rates (annual percentage rates) for a 30-year fixed rate mortgage from a sample of lenders in Macon, Georgia. It is reasonable to assume that the population is approximately normal.

Chapter 7.2, Problem 32E, Mortgage rates: Following are interest rates (annual percentage rates) for a 30-year fixed rate

Source: www.bankrate.com

a. Construct a 99% confidence interval for the mean rate.
b. One week earlier, the mean rate was 4.050%. A mortgage broker claims that the mean rate is now higher. Based on the confidence interval, is this a reasonable claim? Explain.

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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Chapter 7.2, Problem 31E

Chapter 7.2, Problem 33E

Chapter 7 Solutions

Essential Statistics

Ch. 7.1 - Prob. 1CYU Ch. 7.1 - Prob. 2CYU Ch. 7.1 - Prob. 3CYU Ch. 7.1 - Prob. 4CYU Ch. 7.1 - Prob. 5CYU Ch. 7.1 - Prob. 6CYU Ch. 7.1 - Prob. 7CYU Ch. 7.1 - Prob. 8CYU Ch. 7.1 - Prob. 9CYU Ch. 7.1 - 10. Using the output in Exercise 9: Find the...

Ch. 7.1 - Prob. 11CYU Ch. 7.1 - 12. The researchers now plan to construct a 99%...Ch. 7.1 - Prob. 13CYU Ch. 7.1 - 14. An IQ test is designed to have scores that...Ch. 7.1 - Prob. 15CYU Ch. 7.1 - Prob. 16CYU Ch. 7.1 - In Exercises 17–20, fill in each blank with the...Ch. 7.1 - In Exercises 17–20, fill in each blank with the...Ch. 7.1 - Prob. 19E Ch. 7.1 - In Exercises 17–20, fill in each blank with the...Ch. 7.1 - In Exercises 21–24, determine whether the...Ch. 7.1 - Prob. 22E Ch. 7.1 - Prob. 23E Ch. 7.1 - Prob. 24E Ch. 7.1 - Prob. 25E Ch. 7.1 - In Exercises 25–28, find the critical value zα∕2...Ch. 7.1 - Prob. 27E Ch. 7.1 - Prob. 28E Ch. 7.1 - Prob. 29E Ch. 7.1 - In Exercises 29–32, find the levels of the...Ch. 7.1 - Prob. 31E Ch. 7.1 - Prob. 32E Ch. 7.1 - Prob. 33E Ch. 7.1 - Prob. 34E Ch. 7.1 - Prob. 35E Ch. 7.1 - 36. A sample of size n = 64 is drawn from a...Ch. 7.1 - 37. A sample of size n = 10 is drawn from a normal...Ch. 7.1 - 38. A sample of size n = 80 is drawn from a normal...Ch. 7.1 - Prob. 39E Ch. 7.1 - Prob. 40E Ch. 7.1 - Prob. 41E Ch. 7.1 - Prob. 42E Ch. 7.1 - 43. SAT scores: A college admissions officer takes...Ch. 7.1 - Prob. 44E Ch. 7.1 - Prob. 45E Ch. 7.1 - Prob. 46E Ch. 7.1 - Prob. 47E Ch. 7.1 - Prob. 48E Ch. 7.1 - Prob. 49E Ch. 7.1 - Prob. 50E Ch. 7.1 - Prob. 51E Ch. 7.1 - Prob. 52E Ch. 7.1 - Prob. 53E Ch. 7.1 - Prob. 54E Ch. 7.1 - Prob. 55E Ch. 7.1 - 56. Different standard deviations: Martin and...Ch. 7.1 - Prob. 57E Ch. 7.1 - Prob. 58E Ch. 7.1 - Prob. 59E Ch. 7.1 - Prob. 60E Ch. 7.1 - Prob. 61E Ch. 7.1 - Prob. 62E Ch. 7.1 - Prob. 63E Ch. 7.1 - Prob. 64E Ch. 7.1 - Interpret computer output: The following MINITAB...Ch. 7.1 - Interpret computer output: The following MINITAB...Ch. 7.1 - Prob. 67E Ch. 7.1 - Prob. 68E Ch. 7.2 - Prob. 1CYU Ch. 7.2 - Prob. 2CYU Ch. 7.2 - 3. A potato chip company wants to evaluate the...Ch. 7.2 - Prob. 4CYU Ch. 7.2 - Prob. 5CYU Ch. 7.2 - Prob. 6CYU Ch. 7.2 - Prob. 7E Ch. 7.2 - In Exercises 7 and 8, fill in each blank with the...Ch. 7.2 - In Exercises 9 and 10, determine whether the...Ch. 7.2 - In Exercises 9 and 10, determine whether the...Ch. 7.2 - Prob. 11E Ch. 7.2 - Prob. 12E Ch. 7.2 - Prob. 13E Ch. 7.2 - 14. A sample of size n = 22 is drawn from a normal...Ch. 7.2 - 15. A sample of size n = 12 is drawn from a normal...Ch. 7.2 - Prob. 16E Ch. 7.2 - 17. A sample of size n = 15 has sample mean and...Ch. 7.2 - Prob. 18E Ch. 7.2 - Prob. 19E Ch. 7.2 - Prob. 20E Ch. 7.2 - Prob. 21E Ch. 7.2 - Prob. 22E Ch. 7.2 - 23. Fake Twitter followers: Many celebrities and...Ch. 7.2 - Prob. 24E Ch. 7.2 - Prob. 25E Ch. 7.2 - 26. Sound it out: Phonics is an instructional...Ch. 7.2 - Prob. 27E Ch. 7.2 - Prob. 28E Ch. 7.2 - Baby weights: Following are weights, in pounds, of...Ch. 7.2 - Eat your cereal: Boxes of cereal are labeled as...Ch. 7.2 - Prob. 31E Ch. 7.2 - Mortgage rates: Following are interest rates...Ch. 7.2 - Prob. 33E Ch. 7.2 - Big salary for the boss: Following is the total...Ch. 7.2 - Prob. 35E Ch. 7.2 - Prob. 36E Ch. 7.2 - Prob. 37E Ch. 7.2 - Sleeping outlier: A simple random sample of eight...Ch. 7.2 - Prob. 39E Ch. 7.2 - Prob. 40E Ch. 7.2 - Prob. 41E Ch. 7.2 - Prob. 42E Ch. 7.2 - Prob. 43E Ch. 7.2 - Prob. 44E Ch. 7.2 - Prob. 45E Ch. 7.2 - Interpret computer output: The following MINITAB...Ch. 7.2 - Prob. 47E Ch. 7.3 - A simple random sample of 200 third-graders in a...Ch. 7.3 - Prob. 2CYU Ch. 7.3 - A pollster is going to sample a number of voters...Ch. 7.3 - Prob. 4CYU Ch. 7.3 - Prob. 5CYU Ch. 7.3 - In a simple random sample of 15 seniors from a...Ch. 7.3 - Prob. 7E Ch. 7.3 - Prob. 8E Ch. 7.3 - Prob. 9E Ch. 7.3 - Prob. 10E Ch. 7.3 - In Exercises 11–14, find the point estimate, the...Ch. 7.3 - In Exercises 11–14, find the point estimate, the...Ch. 7.3 - Prob. 13E Ch. 7.3 - In Exercises 11–14, find the point estimate, the...Ch. 7.3 - In Exercises 15–18, use the given data to...Ch. 7.3 - In Exercises 15–18, use the given data to...Ch. 7.3 - Prob. 17E Ch. 7.3 - Prob. 18E Ch. 7.3 - Smart phone: Among 238 cell phone owners aged...Ch. 7.3 - Working at home: According to the U.S. Census...Ch. 7.3 - Sleep apnea: Sleep apnea is a disorder in which...Ch. 7.3 - Internet service: An Internet service provider...Ch. 7.3 - Volunteering: The General Social Survey recently...Ch. 7.3 - SAT scores: A college admissions officer sampled...Ch. 7.3 - WOW: In the computer game World of Warcraft, some...Ch. 7.3 - Contaminated water: In a sample of 42 water...Ch. 7.3 - Call me: A sociologist wants to construct a 95%...Ch. 7.3 - Reading proficiency: An educator wants to...Ch. 7.3 - Surgical complications: A medical researcher wants...Ch. 7.3 - Prob. 30E Ch. 7.3 - Changing jobs: A sociologist sampled 200 people...Ch. 7.3 - Prob. 32E Ch. 7.3 - Small sample: Eighteen concrete blocks were...Ch. 7.3 - Prob. 34E Ch. 7.3 - Prob. 35E Ch. 7.3 - Prob. 36E Ch. 7.3 - Prob. 37E Ch. 7.3 - Prob. 38E Ch. 7.3 - Prob. 39E Ch. 7.3 - Prob. 40E Ch. 7.3 - Prob. 41E Ch. 7.3 - Prob. 42E Ch. 7.3 - Prob. 43E Ch. 7.4 - Prob. 1CYU Ch. 7.4 - Prob. 2CYU Ch. 7.4 - Prob. 3CYU Ch. 7.4 - In Exercises 1–4, state which type of parameter is...Ch. 7.4 - Prob. 5E Ch. 7.4 - In Exercises 5–10, state which type of parameter...Ch. 7.4 - In Exercises 5–10, state which type of parameter...Ch. 7.4 - Prob. 8E Ch. 7.4 - Prob. 9E Ch. 7.4 - Prob. 10E Ch. 7.4 - Prob. 11E Ch. 7.4 - Prob. 12E Ch. 7.4 - Prob. 13E Ch. 7.4 - Credit card debt: In a survey of 1118 U.S. adults...Ch. 7.4 - Pneumonia: In a simple random sample of 1500...Ch. 7.4 - Prob. 16E Ch. 7 - Prob. 1CQ Ch. 7 - Prob. 2CQ Ch. 7 - Prob. 3CQ Ch. 7 - Prob. 4CQ Ch. 7 - Prob. 5CQ Ch. 7 - Prob. 6CQ Ch. 7 - Prob. 7CQ Ch. 7 - Prob. 8CQ Ch. 7 - Prob. 9CQ Ch. 7 - Prob. 10CQ Ch. 7 - Prob. 11CQ Ch. 7 - Prob. 12CQ Ch. 7 - Prob. 13CQ Ch. 7 - Prob. 14CQ Ch. 7 - Prob. 15CQ Ch. 7 - Build more parking? 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Solution Summary: The author explains that the data represents the interest rates (annual percentage rated) for 30-year fixed rate mortgage from a sample of lenders in Macon, Georgia.

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Chapter 7 Solutions