A small bank survived the 2008 banking crisis. The bank became very cautious after that period. Now before any real estate loan above $200,000 is made the
bank has 5 appraisers evaluate.
The three following requests for loans (Elm Street, Main Street, and Fair Lane) have come to the bank for the monthly board meeting.
The requests and the appraisers' values are in the following table.
Elm Street | Main Street | Fair Lane | |
Smith | $ 400,200 | $ 563,456 | $ 287,000 |
Hatch | $ 406,240 | $ 565,613 | $ 302,752 |
White | $ 424,206 | $ 566,000 | $ 315,176 |
Jones | $ 408,430 | $ 571,988 | $ 309,599 |
Salla | $ 414,012 | $ 573,578 | $ 314,500 |
The bank has set the threshold as 0.03 or 3% for the coefficient of variation.
Which of the loans Elm Street, Main Street and Fair Lane, will be suitable for a loan?
List the answer for the acceptable loans with the first being the best. (Elm, Main, or Fair will work)