Construct a 98% Confidence Interval for the Population Mean $\mu.$ Assume the Population Has a Normal
Distribution

question 85

Short Answer

Construct a 98% confidence interval for the population mean, $\mu.$ Assume the population has a normal
distribution. A random sample of 20 college students has mean annual earnings of $3140 with a standard
deviation of $686.

---

Definitions:

Bank Deposit

The act of placing money into a banking institution for safekeeping, which can also refer to the money that has been deposited.

Add New Deposits

The act of recording or entering new sums of money placed into a banking account.

Internal Control

Actions and protocols set up by an organization to safeguard the reliability of its financial and accounting data, foster responsibility, and mitigate fraudulent activities.

Bank Reconciliations

The process of comparing and matching the balance of an accounting record (ledger) with the corresponding bank statement, identifying and rectifying any discrepancies.