The Manager of University Credit Union (UCU) Is Concerned About

question 14

Short Answer

The manager of University Credit Union (UCU) is concerned about checking account transaction discrepancies. Customers are bringing transaction errors to the attention of the bank's staff several months after they occur. The manager would like to know what proportion of his customers balance their checking accounts within 30 days of receiving a transaction statement from the bank.Using random sampling, 400 checking account customers are contacted by telephone and asked if they routinely balance their accounts within 30 days of receiving a statement. 271 of the 400 customers respond Yes.
a. Develop a 95% confidence interval estimate for the proportion of the population of checking account customers at UCU that routinely balance their accounts in a timely manner.
b. Suppose UCU wants a 95% confidence interval estimate of the population proportion with a margin of error of E = .025. How large a sample size is needed?

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Definitions:

Classroom Rules

Established guidelines or expectations designed to maintain an orderly and effective learning environment in a classroom setting.

Conventional Stage

A term used in moral development theories, referring to a middle stage where individuals base their moral decisions on societal rules and norms.

Preconventional

The initial stage in Kohlberg's theory of moral development, where behavior is driven by the desire to avoid punishment and gain rewards.

Rights And Dignity

Rights And Dignity refer to the basic human rights and respect every individual deserves regardless of their status, race, gender, or beliefs.