« previous next »

Author Question: A random sample of 121 checking accounts at a bank showed an average daily balance of 280 . The ... (Read 94 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?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Mononucleosis is caused by the Epstein–Barr virus. Symptoms of the infectious disease are swollen pa Mononucleosis is caused by the Epstein–Barr virus. Symptoms of the infectious disease are swollen pa
Primatologist Volker Sommer and his colleagues showed that langur infanticide had adaptive value and Primatologist Volker Sommer and his colleagues showed that langur infanticide had adaptive value and
Sample Checklist of Opening and Closing Duties Sample Checklist of Opening and Closing Duties
Accounts receivable cycle. Accounts receivable cycle.
Average Normal Blood Pressure Readings Average Normal Blood Pressure Readings
A sample of work by a Grade 4 student with a specific learning disorder A sample of work by a Grade 4 student with a specific learning disorder
Video: Proteins

For a complete list of videos, visit our video library