A Federal Auditor for Nationally Chartered Banks from a Random

question 76

Multiple Choice

A federal auditor for nationally chartered banks from a random sample of 100 accounts found that the average demand deposit balance at the First National Bank of small town was $549.82.If the auditor needed a point estimate for the population mean for all accounts at this bank,what would she use?

• A) The average of $54.98 for this sample.
• B) The average of $549.82 for this sample.
• C) There is no acceptable value available.
• D) She would survey the total of all accounts and determine the mean.
• E) Not enough information is given to answer this question.

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Definitions:

Bushels

A unit of volume that is used in the United States for measuring agricultural commodities like grains and fruits.

Corn

Refers to a cereal plant that yields large kernels on a cob, also a staple food in various regions.

Troy Oz

A unit of measure for precious metals, equivalent to approximately 31.1035 grams, used in the commodities market.