Competing for customers, First National Bank and City

Competing for customers

Reference no: EM1395852

First National Bank and City National Bank are competing for customers who would like to open IRAs. 32 weeks are randomly selected for First National Bank and another 32 weeks are randomly selected for City National. The total amount deposited into IRAs is noted for each week. A summary of data (deposits in thousands of dollars) from the survey is as follows. First National: sample mean = 4.1, standard deviation = 1.2. City National: sample mean = 3.5, standard deviation = 0.9. Use a 98% confidence interval to estimate the difference in the mean weekly deposits into IRAs for each bank.

Reference no: EM1395852

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