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:

Underlying Goal

The fundamental objective or purpose that drives an action, strategy, or mission within an organization or individual's efforts.

Management Rights

The capacity and authority vested in the management to run an organization, make decisions regarding operational activities, and implement policies without needing approval from the workforce or unions.

Collective Agreement

A written contract negotiated between an employer and a union representing the employees, outlining terms of employment, wages, and workplace policies and procedures.

Business

The practice of making one's living by engaging in trade, services, and goods, often structured as companies or enterprises.