You have $44000 in a savings account that pays 2% annual interestand the inflatation rate is 3.24%. How much buying power in dol
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Answer:
E) we will use t- distribution because is un-known,n<30
the confidence interval is (0.0338,0.0392)
Step-by-step explanation:
<u>Step:-1</u>
Given sample size is n = 23<30 mortgage institutions
The mean interest rate 'x' = 0.0365
The standard deviation 'S' = 0.0046
the degree of freedom = n-1 = 23-1=22
99% of confidence intervals (from tabulated value).
using calculator
Confidence interval is
the mean value is lies between in this confidence interval
(0.0338,0.0392).
<u>Answer:-</u>
<u>using t- distribution because is unknown,n<30,and the interest rates are not normally distributed.</u>