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Step-by-step explanation:
Answer:
The lower value for a 98% confidence interval for the true mean checking account balance for local customers is of $451.2.
Step-by-step explanation:
We have the standard deviation for the sample, which means that the t-distribution is used to solve this question.
The first step to solve this problem is finding how many degrees of freedom, we have. This is the sample size subtracted by 1. So
df = 14 - 1 = 13
98% confidence interval
Now, we have to find a value of T, which is found looking at the t table, with 13 degrees of freedom(y-axis) and a confidence level of . So we have T = 2.65
The margin of error is:
In which s is the standard deviation of the sample and n is the size of the sample.
The lower end of the interval is the sample mean subtracted by M. So it is 664.14 - 212.94 = $451.2.
The lower value for a 98% confidence interval for the true mean checking account balance for local customers is of $451.2.