Refer to Exercise XXXXXXXXXXIn addition to household debt, the survey asked each household to report the debt-to-income ratio. Estimate with 90% confidence the mean debt-to-income ratio. Exercise...

Refer to Exercise 12.44. In addition to household debt, the survey asked each household to report the debt-to-income ratio. Estimate with 90% confidence the mean debt-to-income ratio.

Exercise 12.44

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.