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A bank is interested in determining the mean credit card balance for its customers. From a...

A bank is interested in determining the mean credit card balance for its customers. From a sample of 70 customers, the bank determined:
X-Bar = $9312
Sample Standard Deviation = $4007
Calculate the 95% confidence interval.

Math   Statistics-And-Probability   
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Answer #1

n =70

X bar =9312

S =4007

At 95% confidence level, the critical value of Z =1.96

Standard Error, SE =S/ =4007/ =478.92810376

Margin of error, MoE =Z*SE =1.96*478.92810376 =938.69908337

Lower bound of the interval =X bar - MoE =9312 - 938.69908337 =8373.3009166

Upper bound of the interval =X bar + MoE =9312 + 938.69908337 =10250.6990834

Therefore, the 95% confidence interval for the population mean credit balance, =[8373.30, 10250.70].

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