Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve clearly A bank has been receiving complaints from real estate agents that their customers have been waiting too long for mortgage confirmations. The bank

Solve clearly

image text in transcribed
A bank has been receiving complaints from real estate agents that their customers have been waiting too long for mortgage confirmations. The bank prides itself on its mortgage application process and decides to investigate the claims. The bank manager takes a random sample of 20 customers whose mortgage applications have been processed in the last 6 months and finds the following wait times (in days): 5, 7, 22, 4, 12, 9, 9, 14, 3, 6, 5, 8, 10, 17, 12, 10, 9, 4, 3, 13 Assume that the random variable * measures the number of days a customer waits for mortgage processing at this bank, and assume that " is normally distributed. 2a. Find the sample mean of this data (*). 2b. Find the sample variance of ". Find the variance of *. For (c), (d), and (e), use the appropriate t-distribution 2c. Find the 90% confidence interval for the population mean (u). 2d. Test the hypothesis that u is equal to 7 at the 95% confidence level. (Should you do a one-tailed or two-tailed test here?) 20. What is the approximate p-value of this hunathesis

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

Business Statistics For Contemporary Decision Making

Authors: Black Ken

8th Edition

978-1118494769, 1118800842, 1118494768, 9781118800843, 978-1118749647

More Books

Students also viewed these Mathematics questions

Question

=+b) What is the factor?

Answered: 1 week ago

Question

Self-awareness is linked to the businesss results.

Answered: 1 week ago

Question

1. Too reflect on self-management

Answered: 1 week ago

Question

Food supply

Answered: 1 week ago