A bank is reviewing its risk management policies with regards to mortgages. To minimize the risk of lending, the bankwants to compare the typical mortgage owed by their clients against other home buyers.The average mortgageowed by Americansis $306,500 A bank is reviewing its risk management policies with regards to mortgages. To minimize the risk of lending, the bankwants to compare the typical mortgage owed by their clients against other home buyers.The average mortgageowed by Americansis $306,500 with a standard deviation of $24,500. Suppose a random sample of 150 Americans is selected.

Identify each of the following,rounding your answers to the nearest cent when appropriate.

(please show the steps)