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

---

Definitions:

Right To Privacy

The entitlement of individuals to have their personal information, activities, and lifestyle kept free from public scrutiny or interference.

Absolute

Unconditional or total; often refers to rules, principles, or truths that are universally valid or that can be applied universally.

Retired Police

Former police officers who have ended their service career, often after reaching a certain age or completing a specified period of service.

Military Personnel

Individuals who serve in the armed forces, including soldiers, sailors, airmen, and marines, among others.