SOLUTION: 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
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Question 203865: 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
12 8 5 5 6 6 10 10 9 7 10 7 7
5 0 10 6 9 12 0 5 10 8 5 5 9
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.
b) Interpret the interval constructed in (a)
You can put this solution on YOUR website! 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
12 8 5 5 6 6 10 10 9 7 10 7 7
5 0 10 6 9 12 0 5 10 8 5 5 9
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.
The sample mean is 7.1538...
Sample standard dev. = 3.0554...
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E = 1.96*s/sqrt(n) = 1.1745
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95% CI: 7.1538-1.1745 < u < 7.1538+1.1745
95% CI: 5.9793 < u < 8.3283
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b) Interpret the interval constructed in (a)
We are 95% confident the population mean lies
between those two numbers.
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Cheers,
Stan H.
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