The loan amounts of loans originated by a large insurance company lender have a mean of $6.74 million with a standard deviation of $15.37 million. The variable “loan amount” is known to have a right-skewed distribution. d) What is the probability that the sampling error made in estimating the population mean loan amount by the mean loan amount of a simple random sample of 200 loans will be at most $1 million? e) Repeat part (d) for samples of size 600.
The loan amounts of loans originated by a large insurance company lender have a mean of $6.74 million with a standard deviation of $15.37 million. The variable “loan amount” is known to have a right-skewed distribution. d) What is the probability that the sampling error made in estimating the population mean loan amount by the mean loan amount of a simple random sample of 200 loans will be at most $1 million? e) Repeat part (d) for samples of size 600.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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4) The loan amounts of loans originated by a large insurance company lender have a
- d) What is the probability that the sampling error made in estimating the population mean loan amount by the mean loan amount of a simple random sample of 200 loans will be at most $1 million?
- e) Repeat part (d) for samples of size 600.
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