Homework SourseUse StatBasic Statistics1sample t to complete the following
Use Stat>Basic Statistics>1-sample t to complete the following problem. Use one decimal place for all answers.
The American Banking Association (ABA) surveyed 110 banks and found the sample had mean assets of 220 million dollars. The sample standard deviation of their assets was 161 million dollars. The answers are all assumed to be in millions, so you should use 220 for the mean, not 220,000,000. The same goes for the standard deviation. Use 161, not 161,000,000.
Give a 98% confidence interval for , the mean assets for all community banks (in millions of dollars). Put the lower bound in Blank #1 and the upper bound in Blank #2.
Suppose the ABA sampled 150 banks, and found the same sample mean and sample standard deviation. Give a 98% confidence interval for the population mean. Put the lower bound in Blank #3 and the upper bound in Blank #4.
4 seperate answers. Below is clarification on the questions being ask an the answers needed.
Give a 98% confidence interval for , the mean assets for all community banks (in millions of dollars).
#1 What is the lower bound?
#2 What is the upper bound?
Suppose the ABA sampled 150 banks, and found the same sample mean and sample standard deviation. Give a 98% confidence interval for the population mean.
#3 What is the lower bound?
#4 What is the upper bound?
Solution
The American Banking Association (ABA) surveyed 110 banks and found the sample had mean assets of 220 million dollars. The sample standard deviation of their assets was 161 million dollars. The answers are all assumed to be in millions, so you should use 220 for the mean, not 220,000,000. The same goes for the standard deviation. Use 161, not 161,000,000.
Give a 98% confidence interval for , the mean assets for all community banks (in millions of dollars). Put the lower bound in Blank #1 and the upper bound in Blank #2.
Suppose the ABA sampled 150 banks, and found the same sample mean and sample standard deviation. Give a 98% confidence interval for the population mean. Put the lower bound in Blank #3 and the upper bound in Blank #4.
4 seperate answers. Below is clarification on the questions being ask an the answers needed.
Give a 98% confidence interval for , the mean assets for all community banks (in millions of dollars).
#1 What is the lower bound? 183.8
#2 What is the upper bound? 256.2
Suppose the ABA sampled 150 banks, and found the same sample mean and sample standard deviation. Give a 98% confidence interval for the population mean.
#3 What is the lower bound? 189.1
#4 What is the upper bound? 250.9
MINITAB output
One-Sample T
N Mean StDev SE Mean 98% CI
110 220.0 161.0 15.4 (183.8, 256.2)
One-Sample T
N Mean StDev SE Mean 98% CI
150 220.0 161.0 13.1 (189.1, 250.9)
