How large sample for actual average with confidence

Reference no: EM13127699

A bank officer wants to determine the amount of the average total monthly deposits per customer at the bank. He believes an estimate of this average amount using a confidence interval is sufficient. How large a sample should he take to be within 200£ of the actual average with 99% confidence? He assumes the standard deviation of total monthly deposits for all customers is about 1000£.

Reference no: EM13127699

Questions Cloud

What is the price of share of this preferred stock : A corporation is making preferred dividend payments of $ .75 per quarter and the rate of return is 6%. What is the price of share of this preferred stock? (Hint: The approach is similar to the calculation of the price of a share of common stock, b..

Conduct nonparametric test that machine is mixing nuts : 74 cashews, and 45 pecans. At the 0.05 level of significance, conduct a nonparametric test that the machine is mixing nuts in the ratio 5:2:2:1.

Calculate the value of the keq : Consider the following equibrium: CO(g) + 3H2(g) = CH4(g) + H2(g) Initially, 0.200 mol CO and 0.600 mol H2 are placed in a 2.00 L container.

What kind of effects on income from hedging foreign currency : What is meant by an entity's functional currency and what are the economic indicators indentified by the FASB to provide guidance in selecting the functional currency? Why is this an important question?

How large sample for actual average with confidence : How large a sample should he take to be within 200£ of the actual average with 99% confidence? He assumes the standard deviation of total monthly deposits for all customers is about 1000£.

Amount of current assets : Assume total liabilities are $40,000, total stockholders' equity $75,000, and all assets, other than current assets, total $50,000. What would be the amount of current assets?

Propose research on organizational issue, problem, or topic : Select an organizational issue, problem, or topic that you would like to research. Write a narrative about your proposed research

Qualitative assessment of the investment timing : However, Tropical Sweets will know the level of demand and will implement the project only if it adds value to the company. Perform a qualitative assessment of the investment timing option's value.

Prepare a journal entry to record depletion during the year : Salter Mining Company purchased the Northern Tier Mine for $21 million cash. The mine was estimated to contain 2.5 million tons of ore and to have a residual value of $1 million. During the first year of mining operations at the Northern Tier Mine..

User Account

All Pages