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Get Full Access to Contemporary Mathematics - 6 Edition - Chapter chapter 14 - Problem 11
Get Full Access to Contemporary Mathematics - 6 Edition - Chapter chapter 14 - Problem 11

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

ISBN: 9780538481267 378

## Solution for problem 11 Chapter CHAPTER 14

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)

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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

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