Evaluating true population mean using confidence interval

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Reference no: EM1320284

Q1) Following data signify a random sample of bank balances for population of checking account customers at large eastern bank. Based on the data, determine the 95 percent confidence interval evaluate 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

i) Approximately $1,069 + $484.41

ii) About $839.40 to $1,298.60

iii) Approximately $1,069 + 2.1098

iv) 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 population mean with 95 percent confidence and margin of error of + $2.00?

i) 231

ii) 163

iii) 16

iv) 15

Reference no: EM1320284

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