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Answer:
A 95% confidence interval estimate of the population mean (average) daily balance of all the checking accounts is $274.32 to $331.68
Step-by-step explanation:
Consider the provided information.
A random sample of 21 checking accounts at the bank are chosen,
That means n=21
df = n-1
df = 21-1=20
We need to Construct and interpret a 95% confidence interval.
Determine t critical value for 95% confidence interval.
0.95=1-α
α=0.05
The sample size is small and it is a two tailed test.
From the t value table confidence interval is 2.086
An average daily balance is $303 and a standard deviation of $63.
Substitute the respective values.
A 95% confidence interval estimate of the population mean (average) daily balance of all the checking accounts is $274.32 to $331.68
Answer:
$87.23.
Step-by-step explanation:
We are asked to find the amount after 4 years compounded monthly at the rate of 2.8% APR.
We will use compound interest formula to solve our given problem.
, where,
A = Final amount after T years,
P = Principal amount,
r = Interest rate in decimal form,
n = Number of times interest is compounded per year.
T = Time in years.
Let us convert our given rate in decimal form.
Upon substituting our given values in compound interest formula we will get,
Therefore, we will have $87.23 in the account after 4 years.