A Bank Wishes to Estimate the Mean Credit Card Balance

question 28

Multiple Choice

A bank wishes to estimate the mean credit card balance owed by its customers. The population standard deviation is estimated to be $300. If a 98% confidence interval is used and an interval of $75 is desired,how many customers should be sampled?

• A)44
• B)212
• C)629
• D)87

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Definitions:

Propanamide

An organic compound consisting of a propyl chain attached to a nitrogen atom of an amide group.

N-Methylacetamide

An organic compound characterized by a methyl group attached to the nitrogen atom of an acetamide.

IUPAC

The International Union of Pure and Applied Chemistry, an organization that sets standards for naming chemical compounds and elements, among other activities in the chemistry field.

Hydrogen Bonded

Describes a type of chemical bond that occurs when a hydrogen atom, which is covalently bonded to a highly electronegative atom, forms an electrostatic or partial covalent bond with another electronegative atom.