Consumer Confidence An increase in the rate of consumer savings is frequently tied to a lack of confidence in the economy and is

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Consumer Confidence An increase in the rate of consumer savings is frequently tied to a lack of confidence in the economy and is

said to be an indicator of a recessional tendency in the economy. A random sampling of n = 200 savings accounts in a local community showed a mean increase in savings account values of 7.2% over the past 12 months, with a standard deviation of 5.6%. Estimate the mean percent increase in savings account values over the past 12 months for depositors in the community. Find the margin of error for your estimate.

Mathematics

1 answer:

Aleks [24] · Answer 1 · 2021-11-12T12:13:30+03:00

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<span>mean stated in problem - 7.2%.
std error of mean is 5.6/sqrt (200)=0.3959%.
If the margin of error is 95% so it should be 1.96(0.</span>3959) = 0.78%.