One of the characteristics of a credit card is the average outstanding balance. A group of researchers wants to estimate the average outstanding balance using a randomly selected sample of 30 customers. The average monthly balance of the sample is calculated as $2579.12. Construct and interpret a 94% confidence interval for the average outstanding balance assuming that the population standard deviation is $2863.3.
Procedure:
Assumptions: (select everything that applies)
Unknown parameter:
Point estimate:
=dollars (Round the answer to 2 decimal places)
Confidence level % and α= , also
2α= , and 1−2α=
Critical values: (Round the answer to 2 decimal places)
left= right=
Margin of error (if applicable): (Round the answer to 2 decimal places)
Lower bound: (Round the answer to 2 decimal places)
Upper bound: (Round the answer to 2 decimal places)
Confidence interval:(, )
Interpretation: We are % confident that the average outstanding balance on a credit card is between dollars and dollars.
Based on the confidence interval, is it reasonable to believe that the average outstanding balance on a credit card is greater than 2300 dollars? Explain.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.
Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172 Enter DNE for Does Not Exist, oo for Infinity Your answer should include exactly 2 decimal places.