GBA 210 Project 3 (Protected View) Word teferences Mailings Review View Soda PDF
ID: 3326006 • Letter: G
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GBA 210 Project 3 (Protected View) Word teferences Mailings Review View Soda PDF Creator Tell me what you want to do contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 2. At bank Niva a random sample or 49 delinquent pay-day loan found that the average amount owed is $375. Given that the population standard deviation is $25. Assume delinquent pay-day loans follow a normal distribution a. What is the standard error b, what is a 90% confidence interval of the mean population pay day loan balance c, what would happen if you use a 95% confidence instead if a 90% confidence?Explanation / Answer
Solution:-Given n = 49 , mean = 375 ,sd = 25
Z(0.05) = 1.645 , Z(0.025) = 1.96
a. standard error :- s/sqrt(n) = 25/sqrt(49) = 3.5714
b.90% confidence interval of the mean population
X +/- Z * sqrt(n) = 375 +/- 1.645 * 25/sqrt(49)
= (369.125 , 380.875)
c.95% confidence interval of the mean population
X +/- Z * sqrt(n) = 375 +/- 1.96 * 25/sqrt(49)
= (368 , 382)
=> 95% confidence insted if a 90% confidence increase(wider) the interval
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