Find mean average monthly balance in checking accounts

Reference no: EM131813530

Question: A bank wishes to estimate, to within $25, the mean average monthly balance in its checking accounts, with 99.8% confidence. Assuming σ = $250, estimate the minimum size sample required. 12. A retailer wishes to estimate, to within 15 seconds, the mean duration of telephone orders taken at its call center, with 99.5% confidence. In the past the standard deviation of call length has been about 1.25 minutes. Estimate the minimum size sample required. (Be careful to express all the information in the same units.)

Reference no: EM131813530

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