Question

Part 2: Extended Response (69 points total) Directions: Be sure to show all work in support of your final answers. Include calculator functions, symbols, and units for all answers. You are NOT permitted to use the "Interval" functions on the calculator to show your work. Round decimals to the indicated place values. 2) According to Moebs Services Inc., an individual checking account at major U.S. banks costs the banks between $350 and $450 per year. A recent random sample of 600 such checking accounts produced a mean annual cost of $500 to major U.S. banks. Assume that the standard deviation of annual costs to major U.S. banks of all such checking accounts is $40. Make a 99% confidence interval for the current mean annual cost to major U.S. banks of all such checking accounts. (10 points total) Step 1: Determine the critical value. (1 point) Step 2: Calculate the Margin of Error. Round to two decimal places. (3 points) Step 3: Calculate the Confidence Interval as an interval. Round to two decimal places. (4 points) Step 4: Write an interpretation. (2 points)

Answer 1