Author Question: A random sample of 121 checking accounts at a bank showed an average daily balance of 280 . The ... (Read 60 times)

scienceeasy

  • Hero Member
  • *****
  • Posts: 565
A random sample of 121 checking accounts at a bank showed an average daily balance of 280 . The population standard deviation is known to be 60.
 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 95 confidence interval estimate for the population mean.
  e. Interpret the confidence interval estimate that you constructed in part (d).

Question 2

The process of decision making is more limited than that of problem solving.
  Indicate whether the statement is true or false



xMRAZ

  • Sr. Member
  • ****
  • Posts: 363
Answer to Question 1

a. No, since the sample means will be normally distributed by the central limit theorem.
b. 5.4545
c. 280
d. 269.31 to 290.69
e. With a 95 level of confidence, we can state that the average daily balance of all checking accounts at this bank is between 269.31 and 290.69.

Answer to Question 2

T



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

For a complete list of videos, visit our video library