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Ipatiy [6.2K]
3 years ago
8

PLEASE HELP!

Mathematics
1 answer:
maxonik [38]3 years ago
5 0

?

Step-by-step explanation:

I'm looking for answer

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Banking fees have received much attention during the recent economic recession as banks look for ways to recover from the crisis
alex41 [277]

Answer:

a) The 95% confidence interval to estimate the average fee for the population is between $11.65 and $12.79

b) $0.57

Step-by-step explanation:

We have that to find our \alpha level, that is the subtraction of 1 by the confidence interval divided by 2. So:

\alpha = \frac{1-0.95}{2} = 0.025

Now, we have to find z in the Ztable as such z has a pvalue of 1-\alpha.

So it is z with a pvalue of 1-0.025 = 0.975, so z = 1.96

Now, find the margin of error M as such

M = z*\frac{\sigma}{\sqrt{n}}

In which \sigma is the standard deviation of the population and n is the size of the sample.

M = 1.96*\frac{1.86}{\sqrt{41}} = 0.57

So the answer for b) is $0.57.

The lower end of the interval is the sample mean subtracted by M. So it is 12.22 - 0.57 = $11.65

The upper end of the interval is the sample mean added to M. So it is 12.22 + 0.57 = $12.79

The 95% confidence interval to estimate the average fee for the population is between $11.65 and $12.79

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