54.30 to 55.70
54.55 to 55.45
54.58 to 55.42
54 60 to 55.40
Answer:
96% confidence interval for desired retirement age of all college students is [54.30 , 55.70].
Step-by-step explanation:
We are given that a survey was conducted to determine the average age at which college seniors hope to retire in a simple random sample of 101 seniors, 55 was the average desired retirement age, with a standard deviation of 3.4 years.
Firstly, the Pivotal quantity for 96% confidence interval for the population mean is given by;
P.Q. = ~
where, = sample average desired retirement age = 55 years
= sample standard deviation = 3.4 years
n = sample of seniors = 101
= true mean retirement age of all college students
Here for constructing 96% confidence interval we have used One-sample t test statistics as we don't know about population standard deviation.
So, 96% confidence interval for the population mean, is ;
P(-2.114 < < 2.114) = 0.96 {As the critical value of t at 100 degree
of freedom are -2.114 & 2.114 with P = 2%}
P(-2.114 < < 2.114) = 0.96
P( < < ) = 0.96
P( < < ) = 0.96
96% confidence interval for = [ , ]
= [ , ]
= [54.30 , 55.70]
Therefore, 96% confidence interval for desired retirement age of all college students is [54.30 , 55.70].
n < 0, is another way to say "n is negative", so let's check
ANSWER:
The monthly payments for student loan of 20,000 is $183.34.
SOLUTION:
Given, a student loan of 20,000 at a fixed APR of 6% for 20 years
We need to calculate monthly payments.
Now, we need to follow the below procedure to calculate monthly payments.
Convert the annual rate from percentage to decimal format (by dividing by 100)
= 0.06 annually
Now, Divide the annual rate by 12
= 0.005
Then, Calculate the monthly interest on $20,000
= 100
Now, loan amount to be paid per month is total amount divided by time span
Hence, the monthly payments are $183.34.
Answer:
143.29
Step-by-step explanation:
20,000 for 20 yr at 6% intrest
240 total payments with total intrest of 14,388.69
payback amount 34,388.69