Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started