The prices of a good at the end of each year between 2003 and 2008 are listed in Table 3.19, which also shows the annual rate of inflation.
Table 3.19

(a) Find the values of the prices adjusted to the end of the year 2004, correct to 2 decimal
places. Hence, calculate the index numbers of the real data with 2004 as the base
year. Give your answers correct to 1 decimal place.
(b) If the index number of the real price for 2009 is 109 and the rate of inflation for that
year is 2.5%, work out the nominal value of the price in 2009. Give your answer
rounded to the nearest whole number.
(c) If the index number of the real data in 2002 is 95.6 and the nominal price is $215,
find the rate of inflation for 2002. Give your answer correct to 1 decimal place.

(20 points) a bank has been receiving complaints from real estate agents that their customers have been waiting too long for mortgage confirmations. the bank prides itself on its mortgage application process and decides to investigate the claims. the bank manager takes a random sample of 20 customers whose mortgage applications have been processed in the last 6 months and finds the following wait times (in days): 5, 7, 22, 4, 12, 9, 9, 14, 3, 6, 5, 15, 10, 17, 12, 10, 9, 4, 10, 13 assume that the random variable x measures the number of days a customer waits for mortgage processing at this bank, and assume that x is normally distributed. 2a. find the sample mean of this data (x ě…). 2b. find the sample variance of x. find the variance of x ě…. for (c), (d), and (e), use the appropriate t-distribution 2c. find the 90% confidence interval for the population mean (îľ). 2d. test the hypothesis that îľ is equal to 7 at the 95% confidence level. (should you do a one-tailed or two-tailed test here? ) 2e. what is the approximate p-value of this hypothesis?