Solved: Shape of the distribution of the account balances, Basic Statistics

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Shape of the distribution of the account balances

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.

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Solution Preview :

Prepared by a verified Expert

Basic Statistics: Shape of the distribution of the account balances

Reference No:- TGS0689696

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Basic Statistics: Shape of the distribution of the account balances

Reference No:- TGS0689696

Recent Questions Asked Basic Statistics

Q : Confidence interval for the average age of the population

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