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:

Connectionless Protocol

A protocol that a host computer can use to send data over the network without establishing a direct connection with any specific recipient computer.

Protocol

A set of rules or standards designed to enable computers to connect and transmit data across networks.

Computers

Electronic devices that process data according to a set of instructions, capable of executing vast numbers of operations.

Static Address

A permanent Internet Protocol (IP) address assigned to a computing device, unlike a dynamically assigned IP address which can change.