The following values represent the population of home mortgage interest rates (in percents) being charged by the banks in a particular city: Given this information, what is the smallest amount of sampling error possible if a random sample of n = 3 banks is surveyed and the mean loan rate is calculated?
A) About -0.43 percent
B) About 0.14 percent
C) About 0.43 percent
D) Can't be determined without more information.

Question

The following values represent the population of home mortgage interest rates (in percents) being charged by the banks in a particular city:  Given this information, what is the smallest amount of sampling error possible if a random sample of n = 3 banks is surveyed and the mean loan rate is calculated?
A) About -0.43 percent 
B) About 0.14 percent 
C) About 0.43 percent 
D) Can't be determined without more information.

Quizplus · Accepted Answer

The Answer of The following values represent the population of home mortgage interest rates (in percents) being charged by the banks in a particular city:  Given this information, what is the smallest amount of sampling error possible if a random sample of n = 3 banks is surveyed and the mean loan rate is calculated?
A) About -0.43 percent 
B) About 0.14 percent 
C) About 0.43 percent 
D) Can't be determined without more information.

The Following Values Represent the Population of Home Mortgage Interest