In 2010, most Canadian cities were experiencing a housing boom. As a consequence, home buyers were required to borrow more on their mortgages. To determine the extent of this problem, a survey of...

In 2010, most Canadian cities were experiencing a housing boom. As a consequence, home buyers were required to borrow more on their mortgages. To determine the extent of this problem, a survey of Canadian households was undertaken wherein household heads were asked to report their total debt. Assuming that there are 7 million households in Canada, estimate with 95% confidence the total household debt.