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8_murik_8 [283]
3 years ago
10

Yolanda closed on a 20 year home loan for $83,000. she chooses to buy only 1 point at closing. by buying a point at her closing,

yolanda reduced her monthly payment by $7.63. based on the fact that yolanda chose to buy a point at closing, what would you infer is the minimum amount of time that she will own the home? A) 6 Years B) 11 Years C) 16 Years D) 20 Years
Mathematics
2 answers:
RUDIKE [14]3 years ago
8 0
The correct answer is B) 11 years
Pepsi [2]3 years ago
4 0

Answer:

Yeah The correct answer is B) 11 years

Step-by-step explanation:

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Find the smallest sample size n that will guarantee at least a 90% chance of the sample mean income being within $500 of the pop
Andreyy89

Answer:

The smallest sample size n that will guarantee at least a 90% chance of the sample mean income being within $500 of the population mean income is 48.

Step-by-step explanation:

The complete question is:

The mean salary of people living in a certain city is $37,500 with a standard deviation of $2,103. A sample of n people will be selected at random from those living in the city. Find the smallest sample size n that will guarantee at least a 90% chance of the sample mean income being within $500 of the population mean income. Round your answer up to the next largest whole number.

Solution:

The (1 - <em>α</em>)% confidence interval for population mean is:

CI=\bar x\pm z_{\alpha/2}\cdot\frac{\sigma}{\sqrt{n}}

The margin of error for this interval is:

MOE=z_{\alpha/2}\cdot\frac{\sigma}{\sqrt{n}}

The critical value of <em>z</em> for 90% confidence level is:

<em>z</em> = 1.645

Compute the required sample size as follows:

MOE=z_{\alpha/2}\cdot\frac{\sigma}{\sqrt{n}}

      n=[\frac{z_{\alpha/2}\cdot\sigma}{MOE}]^{2}\\\\=[\frac{1.645\times 2103}{500}]^{2}\\\\=47.8707620769\\\\\approx 48

Thus, the smallest sample size n that will guarantee at least a 90% chance of the sample mean income being within $500 of the population mean income is 48.

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Step-by-step explanation:

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Step-by-step explanation:

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