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A local bank needs information concerning the account balance of its customers. A random sample of...

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Basic Math

A local bank needs information concerning the account balance ofits customers. A random sample of 15 accounts was checked. The meanbalance was $686.75 with a standard deviation of $256.20.

A. Construct a 98% confidence interval for the population mean,assuming account balances are normally distributed.

B. Based on your previous answer, would a population mean of$500 be unusual? What about a mean of $800?

Answer & Explanation Solved by verified expert
3.9 Ratings (739 Votes)
SolutionGivenn sample size 15Sample mean Sample Standard Deviation s 25620Part A Construct a 98 confidence interval forthe    See Answer
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