Examlex

Solved

A Random Sample of 21 Checking Accounts at a Bank

question 21

Essay

A random sample of 21 checking accounts at a bank showed an average daily balance of $430 with a standard deviation of $50.
a.Provide a 95% confidence interval estimate of the variance of the population of the checking accounts.
b.Provide a 95% confidence interval estimate of the standard deviation of the population of the checking accounts.


Definitions:

Tuition

The fee for instruction, especially for higher education institutions.

Price-Elastic

Describes a situation where the demand for a product changes significantly in response to changes in its price.

Total Revenue

The full amount of income generated by a business from selling goods or services, calculated as price per unit times the number of units sold.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain period of time.

Related Questions