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 39 customers paid an average fee of ​$11.73 per month on their​ interest-bearing checking accounts. Assume the population standard deviation is ​$1.74. 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.)

b. What is the margin of error for this​ interval? ​$ ​(Round to the nearest cent as​ needed.)

Answer 1