The Head Librarian at the Library of Congress Has Asked

question 186

Multiple Choice

The head librarian at the Library of Congress has asked her assistant for an interval estimate of the mean number of books checked out each day.The assistant provides the following interval estimate: from 740 to 920 books per day.If the head librarian knows that the population standard deviation is 150 books checked out per day,and she asked her assistant to use 25 days of data to construct the interval estimate,what confidence level can she attach to the interval estimate?

• A)99.7%
• B)99.0%
• C)98.0%
• D)95.4%

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Definitions:

Mortgage Rate

The interest rate charged on a mortgage loan, determining the cost of borrowing for purchasing property.

APR

Annual Percentage Rate, the annual rate of interest without taking into account the compounding of interest within that year.

First Mortgage Payment

The initial payment made on a mortgage loan, which typically covers interest and principal.

Annuity

A financial product that pays out a fixed stream of payments to an individual, typically used as part of a retirement strategy.