A Local Bank Needs Information Concerning the Savings Account Balances

question 80

Multiple Choice

A local bank needs information concerning the savings account balances of its customers. A random sample of15 accounts was checked. The mean balance was $686.75 with a standard deviation of $256.20. Find a 98%confidence interval for the true mean. Assume that the account balances are normally distributed. Round to thenearest cent.

• A) ($513.17, $860.33)
• B) ($238.23, $326.41)
• C) ($326.21, $437.90)
• D) ($487.31, $563.80)

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Definitions:

Dynamic

Characterized by constant change, activity, or progress, particularly in the context of dynamic systems or models.

Logistics System

A network of coordinated processes and activities involved in the planning, implementing, and controlling the efficient flow of goods and services.

Cost Center

A department or unit within an organization that does not directly generate revenue but incurs costs, thereby contributing to the company’s profitability indirectly through its support services.

Materials Handling

The process of moving, safeguarding, housing, and managing materials and goods during production, storage, distribution, usage, and discarding.