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Conclude the mean rate charged

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In recent years, the interest rates on home mortgages have declined to less than 6%. However, a recent study shows that the rate charged on credit card debt is more than 14%. A sample of 10 credit cards showed that the mean rate charged is 15.64% with a standard deviation of 1.561%. At 1% level of significance, is it reasonable to conclude the mean rate charged is greater than 14%?

Reference no: EM132279476

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