Confidence interval for the population mean service charge

Reference no: EM1393200

The following data represent the service charge for direct-deposit customers if a customer's account falls below the minimum required $1,500 balance for a sample of 26 banks.

12 8 5 5 6 6 10 10 9 7 10 7 7
5 0 10 6 9 12 0 5 10 8 5 5 9

a. Construct a 95% confidence interval for the population mean service charge if a customer's account falls below the $1,500 minimum.

b. Explain in words what this confidence interval means.

Reference no: EM1393200

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