Following are interest rates (annual percentage rates) for a 30-year fixed rate mortgage from a sample of
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Following are interest rates (annual percentage rates) for a 30-year fixed rate mortgage from a sample of lenders in Macon, Georgia on a recent day. It is reasonable to assume that the population is approximately normal.
a. Find the sample standard deviation s.
b. Construct a 95% confidence interval for population standard deviation σ.
c. Based on the confidence interval, is it reasonable to believe that the population standard deviation is greater than 0.5?
Explain.
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