A Bank Manager Wishes to Estimate the Mean Waiting Time

question 101

True/False

A bank manager wishes to estimate the mean waiting time spent by customers at his bank. He knows from previous experience that the standard deviation is about 4.0 minutes. If he desires a 90 percent confidence interval estimate and wishes to have a margin of error of 1 minute, the required sample size will be approximately 143.

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Definitions:

Binding Contract

An agreement between two or more parties that is legally enforceable in a court of law.

Subjective Theory

A theory proposing that certain concepts, values, or decisions are dependent on individual perspectives, feelings, or opinions rather than objective facts.

Fraud

The intentional deception made for personal gain or to damage another individual.

Unilateral Contract

A contract in which one party makes a promise in exchange for an act by another party.