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Auto Loans - George works for a credit union that serves a large, urban area. For his annual report, he wants to estimate the

Auto Loans - George works for a credit union that serves a large, urban area. For his annual report, he wants

Auto Loans - George works for a credit union that serves a large, urban area. For his annual report, he wants to estimate the mean interest rate for 60-month fixed-rate auto loans at lending institutions (banks, credit unions, auto dealers, etc.) in his area. George selects a random sample of 12 lending institutions and obtains the following rates: 7.32 7.44 2.35 4.42 4.46 4.91 n= 4.98 5.48 3.92 6.56 Round all calculated answers to 4 decimal places. George calculates a sample mean of 5.095 and a sample standard deviation of 1.6734. 1. Calculate a 90% confidence interval for the mean interest rate for 60-month fixed-rate auto loans at lending institutions in George's area. Assume necessary conditions have been met and round your result to 4 decimal places. ) 6.63 2.67 After calculating the interval, George decides he wants to estimate the interest rate for 60-month fixed-rate auto loans at 90% confidence with a margin of error of no more than 0.33. 2. Using George's initial sample results as a starting point, how large a sample would George need to collect to accomplish his goal? Use a t* value rounded to 3 decimal places in your calculations and give your answer as an integer.

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1 To calculate a 90 confidence interval for the mean interest rate we can use the formula Confidence Interval Sample Mean Critical Value Standard Error First we need to find the critical value associa... blur-text-image

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