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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 72 times)

urmomsucks

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on: Mar 25, 2023

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.

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by urmomsucks on Mar 25, 2023

sin

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Reply #1 on: Mar 25, 2023
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urmomsucks

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Reply 2 on: Mar 25, 2023
Wow, this really help

rachel

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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