Asked by
Zitha Mandla
on Oct 12, 2024
Verified
A local bank needs information concerning the checking account balances of its local customers.A random sample of 144 accounts was checked and yielded a mean balance of $664.14 and a standard deviation of $297.29.Find a 98% confidence interval for the true mean checking account balance for local customers.
A) ($592.52,$735.76)
B) ($605.85,$722.43)
C) ($555.65,$735.76)
D) ($493.71,$834.57)
E) ($453.56,$874.72)
Checking Account Balance
The total amount of money available in a checking account at any given moment.
Confidence Interval
A range of values, derived from the sample statistics, that is likely to contain the value of an unknown population parameter.
Standard Deviation
A statistical metric that captures the dispersion of a dataset relative to its mean, indicating how spread out the data points are.
- Estimate the confidence intervals for proportions and means with the given data.
- Assess the implications of confidence intervals in practical polling situations, research contexts, and the process of making decisions.
Verified Answer
EM
Learning Objectives
- Estimate the confidence intervals for proportions and means with the given data.
- Assess the implications of confidence intervals in practical polling situations, research contexts, and the process of making decisions.