Question

Banking fees have received much attention during the recent economic recession as banks look for ways to recover from the crisis. A sample of 44 customers paid an average fee of $11.53 per month on their interest-bearing checking accounts. Assume the population standard deviation is $1.61. Complete parts a and b below. a. Construct a 95% confidence interval to estimate the average fee for the population. The 95% confidence interval has a lower limit of $and an upper limit of $ (Round to the nearest cent as needed.)

Also, need Margin of error.

Answer 1

Here

sample mean

T = 11,53

population standard deviation

g= 1.6

and sample size

n = 44

a 95% confidence interval to estimate the average fee for the population

20.025

1.61 1.95996 /44 - 11.53 t

= (11.0543, 12.0057)

Lower limit = 11.0543

Upper limit = 12.0057

Margin of error

1.61 :1.95996 0.475715 V44 20.025