STATISTICAL TECHNIQUES AND TOOLS
CONFIDENCE INTERVALS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A local bank needs information concerning the savings account balances of its customers. A random sample of 13 accounts was checked. The mean balance was $686.75 with a sample standard deviation of $256.20. Find a 95% confidence interval for the true mean.
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($513.14, $860.36)
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($525.59, $847.91)
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($533.27, $840.23)
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($531.85, $841.65)
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Explanation:
Detailed explanation-1: -Expert Answer A) Increasing the sample size, decreases the width of confidence intervals, because it decreases the standard error.
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