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Begin each problem by re-writing the problem. Use Word; you may handwrite equations.
Begin each problem by re-writing the problem. Minitab is required; attach or include your output. Use Word; you may handwrite equations. You may want to refer to the Minitab handouts for Chapter 10 (on Canvas under Modules, Chapter 10 Handouts).
1. A bank employs two appraisers. When approving borrowers for mortgages, it is imperative that the appraisers value the same types of properties consistently. To make sure that this is the case, the bank evaluates six properties that the appraisers had valued recently. (15 points)
a. Enter the data into Minitab. Using the 5% level of significance determine whether there is a significant difference between the average values estimated by appraiser 1 and appraiser 2. Show and follow the 7 steps of hypothesis testing. (8 points)
b. Construct a 95% confidence interval to estimate the average difference between appraisers. make a sentence or two using your result. (4 points)
c. What assumption is required for this test? Use an appropriate graph or other method to determine if the assumption is met. Discuss your findings. (3 points)