In a random sample of 15 mortgage institutions, the mean interest rate was 3.57% and the standard

Question:

In a random sample of 15 mortgage institutions, the mean interest rate was 3.57% and the standard deviation was 0.36%. Assume the interest rates are normally distributed.

Use the standard normal distribution or the t-distribution to construct a 95% confidence interval for the population mean. Justify your decision. If neither distribution can be used, explain why. Interpret the results. If convenient, use technology to construct the confidence interval.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...