Interpretation of a confidence level

Reference no: EM1319199

1. A bank wishes to estimate the mean balances owed by customers holding MasterCard's. The population standard deviation is estimated to be $3.00. If a 98 percent confidence interval is used and an interval of $75 is desired, how many cardholders should be sampled?

2. For a given confidence interval, what is the interpretation of a 96% confidence level?

Reference no: EM1319199

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