« previous next »

Author Question: A random sample of 121 checking accounts at a bank showed an average daily balance of 280 . The ... (Read 101 times)

scienceeasy

  • Hero Member
  • *****
  • Posts: 565
on: Jun 24, 2018
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
Reply #1 on: Jun 24, 2018
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
« previous next »
 

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Between 1999 and 2012, American adults with high total cholesterol decreased from 18.3% to 12.9%

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Blood glucose measurement. A postprandial test may be self-administered. (a) A lance pierces the ski Blood glucose measurement. A postprandial test may be self-administered. (a) A lance pierces the ski
A typical spectrum with peaks representing the peptide fragments generated from a sample A typical spectrum with peaks representing the peptide fragments generated from a sample
A Scatterplot of the Test Scores and Average Grades of 10 Students A Scatterplot of the Test Scores and Average Grades of 10 Students
Sample prescriptions of drugs for oral fungal infections. Sample prescriptions of drugs for oral fungal infections.
Cylinder Power Balance Test Cylinder Power Balance Test
Comparing Fluid Balance Comparing Fluid Balance
Video: Arthroscopy

For a complete list of videos, visit our video library