Solved: Compute and interpret a 95 confidence interval for the mean, Basic Statistics

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Compute and interpret a 95 confidence interval for the mean

The bad debt ratio for a financial institution is defined to be the dollar value of loans defaulted divided by the total dollar value of all loans made. A random sample of six Ontario banks is selected and the bad debt ratios (in percentages) for these banks are:

7,4,6,7,5,8,

Compute and interpret a 95% confidence interval for the mean bad debt ratio. What needs to be true in order for this interval and interpretation to be valid?

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Basic Statistics: Compute and interpret a 95 confidence interval for the mean

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