Question

A major department store chain is interested in estimating the average amount its credit card customers...

A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain’s new store in the mall. Twenty five credit card accounts were randomly sampled and analyzed with the following results: X = $85 and S = 28. Assuming the distribution of the amount spent on their first visit is approximately normal, find and interpret a 99% confidence interval for µ.

Please explain and show work.

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A major department store chain is interested in estimating the average amount its credit card customers...
A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new store in the mall. Fifteen credit card accounts were randomly sampled and analyzed with the following results: = $70.50 and s 2 = 900. Construct a 90% confidence interval for the mean.
A major department store chain is interested in estimating the average amount its credit card customers...
A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new store in the mall. Fifteen credit card accounts were randomly sampled and analyzed with the following results: x = $50.50 and s2 = 400. A 95% confidence interval for the average amount the credit card customers spent on their first visit to the chain's new store in the mall is: a. $50.50 ± $10.12 b....
Kmart store chain is interested in estimating the mean amount its credit card customers spent on...
Kmart store chain is interested in estimating the mean amount its credit card customers spent on their first visit to the chain's new store in Mandurah. Fifteen credit card accounts were randomly sampled and analyzed with the following results: top enclose x = $50.50 and S = 20. Assuming the distribution of the amount spent on their first visit is approximately normal, construct a 95% confidence interval for the mean amount its credit card customers spent on their first visit...
A major store is interested in estimating the mean amount its credit card customers spent on...
A major store is interested in estimating the mean amount its credit card customers spent on their first visit to the chain's new store. Fifteen credit card accounts (n=15) were randomly sampled and analyzed with the following results: X-bar = 50.5 and S = 20. Construct a 95% confidence interval for the mean amount its credit card customers spent on their first visit to the chain's new store. Interpret the results (the interval) you got.
1. 60% of a department stores customers have a credit card from that department store, and...
1. 60% of a department stores customers have a credit card from that department store, and 30% of a store’s customers make at least 1 purchase per month on average. Finally, 80% of the customers who make at least 1 purchase per month have a store’s credit card. Of the customers who do not make at least 1 purchase per month, what is the probability a randomly chosen customer has a store’s credit card? (please round your answer to 4...
A major retail clothing store is interested in estimating the difference in mean monthly purchases by...
A major retail clothing store is interested in estimating the difference in mean monthly purchases by customers who use the store's in-house credit card versus using a Visa, Mastercard, or one of the other major credit cards. To do this, it has randomly selected a sample of customers who have made one or more purchases with each of the types of credit cards. The following represents the results of the sampling: In House Credit Card National Credit Card Sample Size...
Some customers of a retail chain have a store credit card that earns them bonus gifts...
Some customers of a retail chain have a store credit card that earns them bonus gifts when they make purchases at the chain.​ Currently, 22 customers are shopping in a store in this chain. Of​ these, half already have a store credit card. If employees offer store credit cards to 5 of​ these, what is the probability that all of those chosen already have a​ card? ​(b) A family of 5 is shopping in the store. Noting that Subscript n...
You own a small storefront retail business and are interested in determining the average amount of...
You own a small storefront retail business and are interested in determining the average amount of money a typical customer spends per visit to your store. You take a random sample over the course of a month for 45 customers and find that the average dollar amount spent per transaction per customer is $90.422 with a standard deviation of $13.895. When creating a 90% confidence interval for the true average dollar amount spend per customer, what is the margin of...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary...
Please answer the following Case analysis questions 1-How is New Balance performing compared to its primary rivals? How will the acquisition of Reebok by Adidas impact the structure of the athletic shoe industry? Is this likely to be favorable or unfavorable for New Balance? 2- What issues does New Balance management need to address? 3-What recommendations would you make to New Balance Management? What does New Balance need to do to continue to be successful? Should management continue to invest...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT