3. If you took out a car loan for $22,000, with a rate of 2% compounded semi-annually over
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Using the t-distribution to build the 99% confidence interval, it is found that:
- The margin of error is of 3.64.
- The 99% confidence interval for the population mean is (19.36, 26.64).
The confidence interval is:
In which:
is the sample mean.
- t is the critical value.
- n is the sample size.
- s is the standard deviation for the sample.
The critical value, using a t-distribution calculator, for a two-tailed 95% confidence interval, with 21 - 1 = 20 df, is t = 2.086.
The other parameters are given as follows:
The margin of error is given by:
Hence the bounds of the interval are:
The 99% confidence interval for the population mean is (19.36, 26.64).
More can be learned about the t-distribution at brainly.com/question/16162795
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dot on top of earth = plane position at the time of observation (right one when 37°, left one 53°)
then the geometry is zoomed on the left side
