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:

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome, often referred to as the "I-knew-it-all-along" phenomenon.

Scientific Inquiry

A systematic process of investigating natural phenomena through observation, experimentation, and data analysis.

Intuition

The capacity to grasp concepts instantaneously, without relying on deliberate thought.

Overconfident

A psychological condition where an individual's belief in their own abilities or chances of success exceeds reality.