Use the Given Degree of Confidence and Sample Data to Construct

question 56

Multiple Choice

Use the given degree of confidence and sample data to construct a confidence interval for the population mean $\mu$ . Assume that the population has a normal distribution.
-A savings and loan association needs information concerning the checking account balances of its local customers. A random sample of 14 accounts was checked and yielded a mean balance of $664.14 and a standard Deviation of $297.29. Find a 98% confidence interval for the true mean checking account balance for local Customers.

• A) \(\$ 453.59 < \mu < \$ 874.69\)
• B) \(\$ 455.65 < \mu < \$ 872.63\)
• C) \(\$ 493.71 < \mu < \$ 834.57\)
• D) \(\$ 492.52 < \mu < \$ 835.76\)

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Definitions:

Additive

A substance deliberately added to a material to fulfill some specific purpose such as enhancing taste or color or prolonging shelf life.

Enhancing Taste

The process of improving the flavor of food or drink to make it more appealing.

Shelf Life

The time period during which a product, such as food or medicine, remains safe and effective to use.

Calorie

A unit for measuring the heat value of food.