document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=203865>Question 203865</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The following data represents the monthly service fee in dollars if a customer’s account falls below the minimum required $1,500 balance for a sample of 26 banks for direct-deposit customers. Bancost2\r<BR>\n" );
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document.write( "12  8  5  5  6  6  10  10  9  7  10  7  7<BR>\n" );
document.write( "5  0  10  6  9  12  0  5  10  8  5  5  9\r<BR>\n" );
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document.write( "a) Construct a 95% confidence interval for the population mean monthly service fee in dollars if a customer’s account falls below the minimum required balance.<BR>\n" );
document.write( "b) Interpret the interval constructed in (a)<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #153806 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=153806\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The following data represents the monthly service fee in dollars if a customer’s account falls below the minimum required $1,500 balance for a sample of 26 banks for direct-deposit customers. Bancost2 <BR>\n" );
document.write( "12 8 5 5 6 6 10 10 9 7 10 7 7<BR>\n" );
document.write( "5 0 10 6 9 12 0 5 10 8 5 5 9 <BR>\n" );
document.write( "a) Construct a 95% confidence interval for the population mean monthly service fee in dollars if a customer’s account falls below the minimum required balance.<BR>\n" );
document.write( "The sample mean is 7.1538...<BR>\n" );
document.write( "Sample standard dev. = 3.0554...<BR>\n" );
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document.write( "E = 1.96*s/sqrt(n) = 1.1745<BR>\n" );
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document.write( "95% CI: 7.1538-1.1745 < u < 7.1538+1.1745<BR>\n" );
document.write( "95% CI: 5.9793 < u < 8.3283<BR>\n" );
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document.write( "b) Interpret the interval constructed in (a)<BR>\n" );
document.write( "We are 95% confident the population mean lies<BR>\n" );
document.write( "between those two numbers.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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