In Exercises 35–40, use the standard normal distribution or the t-distribution to construct a 95% confidence interval for the population mean. Justify your decision. If neither distribution can be used, explain why. Interpret the results.
In a random sample of 18 months from January 2011 through December 2020, the mean interest rate for 30-year fixed rate home mortgages was 3.95% and the standard deviation was 0.49%. Assume the interest rates are normally distributed. (Source: Freddie Mac)