Question
In: Statistics and Probability
The First National Bank of Wilson has 620 checking account customers. A recent sample of 60...
The First National Bank of Wilson has 620 checking account customers. A recent sample of 60 of these customers showed 28 have a Visa card with the bank. Construct the 95% confidence interval for the proportion of checking account customers who have a Visa card with the bank. (Use z Distribution Table.) (Round your answers to 3 decimal places.)
Confidence interval for the proportion is between and .
Solutions
Expert Solution
Solution :
Given that,
n = 60
x = 28
= x / n = 28 / 60 = 0.467
1 - = 1 - 0.467 = 0.533
At 95% confidence level the z is ,
= 1 - 95% = 1 - 0.95 = 0.05
/ 2 = 0.05 / 2 = 0.025
Z/2 = Z0.05 =
1.960
Margin of error = E = Z / 2 * 
* (1 - )) / n)
= 1.960 * (
= 0.126
A 95 % confidence interval for population proportion p is ,
- E < P < + E
0.467 - 0.126 < p < 0.467 + 0.126
0.341 < p < 0.593
The 95% confidence interval for the population proportion p is : ( 0.341 , 0.593)
orchestra answered 2 years agoRelated Solutions
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Customers as a Cost Object Morrisom National Bank has requested an analysis of checking account profitability...
Customers as a Cost Object
Morrisom National Bank has requested an analysis of checking
account profitability by customer type. Customers are categorized
according to the size of their account: low balances, medium
balances, and high balances. The activities associated with the
three different customer categories and their associated annual
costs are as follows:
Opening and closing accounts
$300,000
Issuing monthly statements
450,000
Processing transactions
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Customer inquiries
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1,680,000
Total cost
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Additional data...
Morrisom National Bank has requested an analysis of checking account profitability by customer type. Customers are...
Morrisom National Bank has requested an analysis of checking
account profitability by customer type. Customers are categorized
according to the size of their account: low balances, medium
balances, and high balances. The activities associated with the
three different customer categories and their associated annual
costs are as follows: Opening and closing accounts $300,000 Issuing
monthly statements 450,000 Processing transactions 3,075,000
Customer inquiries 600,000 Providing automatic teller machine (ATM)
services 1,680,000 Total cost $6,105,000 Additional data concerning
the usage of the...
Customers as a Cost Object Morrisom National Bank has requested an analysis of checking account profitability...
Customers as a Cost Object
Morrisom National Bank has requested an analysis of checking
account profitability by customer type. Customers are categorized
according to the size of their account: low balances, medium
balances, and high balances. The activities associated with the
three different customer categories and their associated annual
costs are as follows:
Opening and closing accounts
$300,000
Issuing monthly statements
450,000
Processing transactions
3,075,000
Customer inquiries
600,000
Providing automatic teller machine (ATM) services
1,680,000
Total cost
$6,105,000
Additional data...
Clearwater National Bank wants to compare the account checking practices by the customers at two of...
Clearwater National Bank wants to compare the account checking
practices by the customers at two of its branch banks – Cherry
Grove Branch and Beechmont Branch. A random sample of 28 and 22
checking accounts is selected from these branches respectively. The
sample statistics are shown on the next slide
Cherry Grove
Beechmont
n
28
22
x
$1025
$910
s
$150
$125
Let us develop a 99% confidence
interval estimate of the difference between the population mean
checking account...
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Harrison Company maintains a checking account at the
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with canceled checks on the last day of each month. The July 2021
bank statement included the following information:
Balance, July 1, 2021
$
57,428
Deposits
180,900
Checks processed
(194,010
)
Service charges
(45
)
NSF checks
(1,900
)
Monthly payment on note, deducted directly by bank from
account
(includes $220 in interest)
(4,020
)
Balance, July 31, 2021
$
38,353...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the First
National City Bank. The bank provides a bank statement along with
canceled checks on the last day of each month. The July 2018 bank
statement included the following information:
Balance, July 1, 2018
$
56,678
Deposits
180,300
Checks processed
(193,410
)
Service charges
(70
)
NSF checks
(1,600
)
Monthly loan payment deducted
directly by bank from account
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(3,720
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Balance, July 31, 2018
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The...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the
First National City Bank. The bank provides a bank statement along
with canceled checks on the last day of each month. The July 2021
bank statement included the following information:
Balance, July 1, 2021
$
56,678
Deposits
180,300
Checks processed
(193,410
)
Service charges
(70
)
NSF checks
(1,600
)
Monthly payment on note, deducted directly by bank from
account
(includes $620 in interest)
(3,720
)
Balance, July 31, 2021
$
38,178...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the
First National City Bank. The bank provides a bank statement along
with canceled checks on the last day of each month. The July 2021
bank statement included the following information:
Balance, July 1, 2021
$
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Deposits
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Checks processed
(194,310
)
Service charges
(60
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NSF checks
(2,050
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Monthly payment on note, deducted directly by bank from
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(includes $170 in interest)
(4,170
)
Balance, July 31, 2021
$
38,413...
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