A bank offers an annual simple interest rate of 6% on home improvement loans. How much would Tobias OWE IN ALL if he BORROWED $1
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Answer:
The margin of error will be "0.65". A further explanation is provided below.
Step-by-step explanation:
The given values are:
n = 343
x = 110
At 99% confidence level,
%
then,
or,
Now,
The point estimate will be:
⇒
⇒
⇒
or,
⇒
⇒
The margin of error will be:
⇒
On substituting the above values, we get
⇒
⇒
⇒
hence,
⇒
⇒
⇒