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A mortgage broker is offering home mortgages at a rate of 9.5%, but the
broker is fearful that this valueis higher than many others are
charging. A sample of 40 mortgages filed in the county courthouse shows
anaverage of 9.25% with a standard deviation of 8.61%. Does this sample
indicate a smaller average? Use a= 0.05 and assume a normally dist
ributed population.
