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1) A random sample of 121 checking accounts at a bank showed an average daily balance of $280. The standard deviation of the population is known to be $66.
a.) Is it necessary to know anything about the shape of the distribution of the account balances in order to make an interval estimate of the mean of all the account balances? Explain.
b.) Find the standard error of the mean.
c.) Construct a 95% confidence interval for the mean.
d.) Do you expect the 98% confidence interval to be wider or narrower? Explain briefly.
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