A Random Sample of 21 Checking Accounts at a Bank

question 59

Essay

A random sample of 21 checking accounts at a bank showed an average daily balance of $430 with a standard deviation of $50.
a.
Provide a 95% confidence interval estimate for the variance of the population of the checking accounts.
b.
Provide a 95% confidence interval estimate for the standard deviation of the population of the checking accounts.

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Definitions:

Visual Accommodation

The change in the thickness of the lens as the eye focuses on objects that are far away or close.

Lens

In psychology, often referred to metaphorically to describe the way individuals view the world based on their thoughts and experiences.

Photoreceptor Cells

Specialized cells in the retina of the eye responsible for converting light into signals that can be processed by the brain to create visual images.

Bipolar Cells

Cells in the retina that play a role in visual processing by transferring information from photoreceptors to ganglion cells.