Confidence interval and test of hypothesis
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The manager of a local bank wants to estimate the average amount held in checking accounts by the customers. A random sample of 30 customers is selected, and the results indicate a sample average of $4,750 and a sample standard deviation of $1,200.
a) Set a 95% confidence interval estimate of the average amount held in all checking accounts.
b) Test the hypothesis that the true average of the population is $4,000, against the hypothesis that it's different.
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Solution Summary
The solution calculates the confidence interval and tests hypotheses. Step by step calculations for provided for each problem.
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2. The manager of a local bank wants to estimate the average amount held in checking accounts by the customers. A random sample of 30 customers is selected, and the results indicate a sample average of $4,750 and a sample standard deviation of $1,200.
a) Set a 95% confidence interval estimate of the average amount held in all checking accounts.
b) Test the hypothesis that the true average of the population is $4,000, ...
Purchase this Solution
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