(A) Find a 95% Confidence Interval for the Mean Account

question 20

Essay

(A) Find a 95% confidence interval for the mean account balance on this store's credit card (the t-multiple with 39 degrees of freedom is 2.0227).
(B) What sample size would be needed to ensure that we could estimate the true mean account balance and have only 5 chances in 100 of being off by more than $100?

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Definitions:

Oversight Board

A governing body or committee that provides guidance, regulation, or supervision over a particular area or organization.

Principle Of Rights

The principle that judges the morality of a decision on the basis of how it affects the rights of all those involved.

Fundamental Rights

Basic and inalienable rights entitled to all individuals, often protected under the constitution of a country.

Rule Utilitarianism

A subset of utilitarianism which holds that general rules that on balance produce the greatest amount of pleasure for all involved should be established and followed in each situation.