Confidence interval estimate for true population mean

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Reference no: EM1319725

Q1) Following data represent random sample of bank balances for population of checking account customers at large eastern bank. Based on data, determine the 95 percent confidence interval estimate for true population mean?

$2,300	$756	$325	$1,457	$208	$2,345
$1,560	$124	$356	$3,179	$457	$789
$120	$2,760	$998	$508	$210	$789

a) Approximately $1,069 + $484.41

b) About $839.40 to $1,298.60

c) Approximately $1,069 + 2.1098

d) None of the above.

Q2) Hilbert Drug Store owner plans to survey random sample of his customers with objective of evaluating mean dollars spent on pharmaceutical products in the past three months. He has supposed that population standard deviation is known to be= $15.50. Given this information, what would be required sample size to evaluate the population mean with 95 percent confidence and margin of error of + $2.00?

a) 231

b) 163

c) 16

d) 15

Reference no: EM1319725

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