Asked by Kevin Buakuma-Sayers on May 09, 2024
Verified
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.
Interval Estimate
A type of estimate used in statistics that specifies a range within which a population parameter is expected to lie with a certain level of confidence.
Distribution
Refers to the way in which something is shared out among a group or spread over an area.
Standard Error
The standard deviation of the sampling distribution of a statistic, often used in the context of mean.
- Become proficient in the methodology for creating a confidence interval for a population mean.
- Gain insight into the theory of the standard error of the mean.
- Understand the importance of the normal distribution assumption in confidence interval estimation.
Verified Answer
NC
NAOMI CLARISSE NU�EZMay 09, 2024
Final Answer :
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
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
Learning Objectives
- Become proficient in the methodology for creating a confidence interval for a population mean.
- Gain insight into the theory of the standard error of the mean.
- Understand the importance of the normal distribution assumption in confidence interval estimation.