Sampling Distribution show all your work for full point. A bank in a small town has...

Sampling Distribution show all your work for full point.

A bank in a small town has 100,000 customers. A national survey on the banking habits of people in U.S. shows that 80% of the people with income higher than 75,000 dollars have both savings and checking accounts and also shows that the average number of banking operations that a person aged 18 and over performs per week is 10. The manager of the bank decides to do a survey among the customers of his bank and takes a simple random sample of 680 customers aged 18 and over. In the sample, the average number of banking transactions per week is 13 with standard deviation equal to 5.

The average number of times a customer carries out banking transactions per week is_________ give or take _______ or so. Show how you computed your answers.
Give a 90% and a 99% confidence interval for the average number of banking operations per week for the town residents aged 18 and over. What is the difference in Margin of error, how does it affect your confidence interval. Show your working and intepret in plain English
Is the apparent difference in banking habits between the nation and the customers of the bank real or just due to chance? Explain for both 90% and 99% confidence levels.
A 95% confidence interval gives a range of values for the _______which are plausible according to the observed data. Fill in the blanks.

(Possible answer: (A) Population average, (B) Sample average).

The sample standard deviation measures how far _______ is from sample average.

The standard deviation for the sample average measures how far __________is from the population average - for typical __________.

To fill in the blanks, choose among: (A) number of bank operations, (B) average number of operations, (C) samples, (D) customers aged 18 and over, (E) bank, (F) person with high income.

Expert Solution

orchestra answered 1 year ago

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