A particular bank requires a credit score of 602 to get approved for a loan. After...
A particular bank requires a credit score of 602 to get approved for a loan. After taking a sample of 114 customers, the bank finds the 95% confidence interval for the mean credit score is: 598 < μμ < 674
Can we be reasonably sure that a majority of people will have a credit score over 602 and be able to get the loan?
Why or why not?
Homework Answers
Confidence interval means that if we used the same sampling method to select different samples and computed an interval estimate for each sample, we would expect the true population parameter to fall within the interval estimates 95% of the time.
As 602 falls in the confidence interval we can be reasonably sure that a majority of people will have a credit score over 602 and be able to get the loan.
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