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aleksley [76]
3 years ago
12

a bank manager wants to know the mean amount of mortgage paid per month by homeowners in an area. a random sample of 120 homeown

ers from this area showed that they pay an average of $1575 per month for their mortgages. the population standard deviation of such mortgages is $215. fins a 97% confidence interval for the mean amount of mortgage paid per month by all homeowners in this area.
Mathematics
1 answer:
Oksi-84 [34.3K]3 years ago
4 0

Answer:

[ 1,532.41, 1,617.59]

Step-by-step explanation:

Data provided :

Sample size, n = 120

Mean = $1,575

Standard deviation = $215

Confidence level = 97%

Now,

Confidence interval = Mean ± z\frac{\sigma}{\sqrt n}

also,

for 97% confidence level z score = 2.17   [from standard z-table]

= $1,575 ± 2.17\frac{215}{\sqrt {120}}

= $1,575 ± 42.59

Therefore,

Confidence interval = [ $1,575 - 42.59, $1,575 + 42.59]

= [ 1,532.41, 1,617.59]

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