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 an 80% confidence interval for the population mean.e.Construct a 95% confidence interval for the population mean.
What will be an ideal response?
?
| a. | No, the sample is large and the standard deviation of the population is known. |
| b. | 6 |
| c. | $280 |
| d. | $272.32 to $287.68 |
| e. | $268.24 to $291.76 |
You might also like to view...
________ is a business practice in which a buyer shapes a supplier's products and operations to satisfy its needs
A) Reciprocity B) Functionalization C) Reverse marketing D) Bottom-up marketing E) Crowdsourcing
A list of accounts used by the business to record transactions is called a chart of accounts
Indicate whether the statement is true or false
Marie claims that a Nebraska state statute infringes on her “procedural due process” rights. This claim focuses on
A. procedures used in making decisions to take life, liberty, or property. B. the content of the statute. C. the treatment of similarly situated individuals. D. the steps to be taken to protect Marie’s privacy.
An employee earns $8,500 for the current period. The cumulative earnings of previous pay periods is $100,900. Social security tax applies to the first $128,400 of employee earnings. Calculate the total and individual amounts to be withheld for social security (6.2%), Medicare (1.45%) and federal income tax (15%).
What will be an ideal response?