A Local Bank Needs Information Concerning the Checking Account Balances

question 53

Multiple Choice

A local bank needs information concerning the checking account balances of its local customers.A random sample of 144 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)($592.52,$735.76)
• B)($605.85,$722.43)
• C)($555.65,$735.76)
• D)($493.71,$834.57)
• E)($453.56,$874.72)

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Definitions:

Direct Materials Cost

The expense incurred for raw materials that are consumed directly in the manufacturing process of a product.

Automobile Manufacturer

A company that produces motor vehicles, including cars, trucks, and buses, for sale on a large scale.

Oil Lubricants

Substances used to reduce friction, heat, and wear between mechanical components that are in contact with each other.

Factory Overhead Cost

Represents indirect manufacturing costs not directly attributable to specific units or batches of production, such as maintenance and utilities.