The following values represent the population of home mortgage interest rates (in percents) being charged by the banks in a particular city:
6.9 7.5 6.5 7 7.3 6.8 6.5
7 7 7.2 7.5 7.8 6 7
Given this information, what is the most extreme amount of sampling error possible if a random sample of n = 4 banks is surveyed and the mean loan rate is calculated?
A) -0.55 percent
B) 0.52 percent
C) 1.08 percent
D) Can't be determined without more information.
A
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