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Author Question: A random sample of 121 checking accounts at a bank showed an average daily balance of $280. The ... (Read 62 times)

urmomsucks

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Question 1

A random sample of 121 checking accounts at a bank showed an average daily balance of $300 and a standard deviation of $44. Develop a 95% confidence interval estimate for the mean of the population.



Question 2

A random sample of 121 checking accounts at a bank showed an average daily balance of $280. The standard deviation of the population is known to be $66.

a.Is it necessary to know anything about the shape of the distribution of the account balances in order to make an interval estimate of the mean of all the account balances? Explain.
b.Find the standard error of the mean.
c.Give a point estimate of the population mean.
d.Construct a 80% confidence interval estimates for the mean.
e.Construct a 95% confidence interval for the mean.



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Marked as best answer by urmomsucks on Mar 25, 2023

sin

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urmomsucks

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Reply 2 on: Mar 25, 2023
Thanks for the timely response, appreciate it


milbourne11

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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