Confidence Interval
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A federal bank examiner is interest in estimating the mean outstanding defaulted loans balance of all defaulted loans over the last three years.
A random sample of 20 defaulted loans yielded a mean of $67,918 with a standard deviation of $16,552.40.
Calculate a 90% confidence interval for the mean balance of defaulted loans over the past three years.
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This solution highlights a step by step method on how to handle confidence interval related problems.
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Summary:
Number of samples (n) = 20
Mean (X-bar) = $67,918
Sample Standard deviation (s): = 16,552.40
Since n<20 and population standard deviation ...
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