Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A Marketing Research firm was hired to estimate the mean prime-lending rate for banks located in the western region of the United States. A random

A Marketing Research firm was hired to estimate the mean prime-lending rate for banks located in the western region of the United States. A random sample of n = 50 banks was selected from within the region, and the prime-rate was recorded for each. The mean and standard deviation of the 50 prime rates were: mean = 9.1% and std = .24% . If the research firm wanted to be 90% confident in its estimates (z value for 90 percent = 1.645), what would be the confident interval for the estimated mean.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Probability With Applications and R

Authors: Robert P. Dobrow

1st edition

1118241257, 1118241258, 978-1118241257

More Books

Students also viewed these Mathematics questions

Question

7. Describe the role of the business analyst.

Answered: 1 week ago