Use the standard normal distribution or the t-distribution to construct a 90% confidence interval for the population mean. Justify your decision. If neither distribution can be used, explain why. Interpret the results. In a random sample of 17 mortgage institutions, the mean interest rate was 3.59% and the standard deviation was 0.44%. Assume the interest rates are normally distributed. Which distribution should be used to construct the confidence interval? O A. Use a normal distribution because the interest rates are normally distributed and a is known. O B. Use a t-distribution because it is a random sample, o is unknown, and the interest rates are normally distributed. O C. Use a normal distribution because n<30 and the interest rates are normally distributed. O D. Use a t-distribution because the interest rates are normally distributed and o is known. O E. Cannot use the standard normal distribution or the t-distribution because a is unknown, n<30, and the interest rates are not normally distributed. Select the correct choice below and, if necessary, fill in any answer boxes to complete your choice. O A. The 90% confidence interval is (. ). (Round to two decimal places as needed.) O B. Neither distribution can be used to construct the confidence interval. Interpret the results. Choose the correct answer below. O A. It can be said that 90% of institutions have an interest rate between the bounds of the confidence interval. O B. With 90% confidence, it can be said that the population mean interest rate is between the bounds of the confidence interval. O C. Ifa large sample of institutions are taken approximately 90% of them will have an interest rate between the bounds of the confidence interval. O D. Neither distribution can be used to construct the confidence interval. O Time Remaining: 01:2:
Use the standard normal distribution or the t-distribution to construct a 90% confidence interval for the population mean. Justify your decision. If neither distribution can be used, explain why. Interpret the results. In a random sample of 17 mortgage institutions, the mean interest rate was 3.59% and the standard deviation was 0.44%. Assume the interest rates are normally distributed. Which distribution should be used to construct the confidence interval? O A. Use a normal distribution because the interest rates are normally distributed and a is known. O B. Use a t-distribution because it is a random sample, o is unknown, and the interest rates are normally distributed. O C. Use a normal distribution because n<30 and the interest rates are normally distributed. O D. Use a t-distribution because the interest rates are normally distributed and o is known. O E. Cannot use the standard normal distribution or the t-distribution because a is unknown, n<30, and the interest rates are not normally distributed. Select the correct choice below and, if necessary, fill in any answer boxes to complete your choice. O A. The 90% confidence interval is (. ). (Round to two decimal places as needed.) O B. Neither distribution can be used to construct the confidence interval. Interpret the results. Choose the correct answer below. O A. It can be said that 90% of institutions have an interest rate between the bounds of the confidence interval. O B. With 90% confidence, it can be said that the population mean interest rate is between the bounds of the confidence interval. O C. Ifa large sample of institutions are taken approximately 90% of them will have an interest rate between the bounds of the confidence interval. O D. Neither distribution can be used to construct the confidence interval. O Time Remaining: 01:2:
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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Transcribed Image Text:Use the standard normal distribution or the t-distribution to construct a 90% confidence interval for the population mean. Justify your decision. If neither distribution can be used, explain why. Interpret the results.
In a random sample of 17 mortgage institutions, the mean interest rate was 3.59% and the standard deviation was 0.44%. Assume the interest rates are normally distributed.
Which distribution should be used to construct the confidence interval?
O A. Use a normal distribution because the interest rates are normally distributed and o is known.
O B. Use a t-distribution because it is a random sample, o is unknown, and the interest rates are normally distributed.
O C. Use a normal distribution because n<30 and the interest rates are normally distributed.
O D. Use a t-distribution because the interest rates are normally distributed and o is known.
O E. Cannot use the standard normal distribution or the t-distribution because a is unknown, n<30, and the interest rates are not normally distributed.
Select the correct choice below and, if necessary, fill in any answer boxes to complete your choice.
O A. The 90% confidence interval is (.)
(Round to two decimal places as needed.)
O B. Neither distribution can be used to construct the confidence interval.
Interpret the results. Choose the correct answer below.
OA.
It can be said that 90% of institutions have an interest rate between the bounds of the confidence interval.
O B. With 90% confidence, it can be said that the population mean interest rate is between the bounds of the confidence interval.
O C. If a large sample of institutions are taken approximately 90% of them will have an interest rate between the bounds of the confidence interval.
O D. Neither distribution can be used to construct the confidence interval.
O Time Remaining: 01:23:00
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