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A home equity is a lump-sum second mortgage based on the available equity in a home

Contemporary Mathematics | 6th Edition | ISBN: 9780538481267 | Authors: Robert Brechner ISBN: 9780538481267 378

Solution for problem 11 Chapter CHAPTER 14

Contemporary Mathematics | 6th Edition

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Contemporary Mathematics | 6th Edition | ISBN: 9780538481267 | Authors: Robert Brechner

Contemporary Mathematics | 6th Edition

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Problem 11

A home equity is a lump-sum second mortgage based on the available equity in a home. (14-6)

Step-by-Step Solution:
Step 1 of 3

Section 1: Introduction to Statistics Stat 2220, Espey ➢ Statistics​: the science concerned with the collection, organization, and analysis of information ➢ Statistical literacy​: having the skills to question and interpret statistics encountered in everyday life ➢ Unit​: the thing being described by a set of data (ex: Clemson Student) ➢ Variable:​ Characteristic of the units that is measured ➢ Population of units​: all units of interest (ex: All Clemson Students) ➢ Population​: The variable measurements of the whole population of units ○ N = population size ○ Parameter​: A number calculated to describe the populat​ is the ​truth that we want to find, but is usually unknown because most research does not or can not test the entire population of units. ■ μ = population mean 2 ■ σ = population variance ■ σ = population standard deviation ■ p = population proportion ○ The census attempts to include the entire population of units (All Americans), but inevitably misses some units (eg the homeless) ➢ Sample of units​: all units from which data is taken (ex: Clemson students surveyed) ➢ Sample​: The variable measurements of the sample of units ○ n = sample size ○ Statistic​: A number calculated to describe the sample. This is the best guess at the parameter. ■ x = sample mean ■ s = sample variance ■ s = sample standard deviat

Step 2 of 3

Chapter CHAPTER 14, Problem 11 is Solved
Step 3 of 3

Textbook: Contemporary Mathematics
Edition: 6
Author: Robert Brechner
ISBN: 9780538481267

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A home equity is a lump-sum second mortgage based on the available equity in a home