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Banking fees have received much attention during the recent economic recession as banks look for ways to recover from the crisis. A sample of 37 customers paid an average fee of $12.57 per month on their interest-bearing checking accounts. Assume the population standard deviation is $1.88. Complete parts a and b below. a. Construct a 90% confidence interval to estimate the average fee for the population. The 90% 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.)

Banking fees have received much attention during the recent economic recession as banks look for ways to recover from the crisis. A sample of 37 customers paid an average fee of $12.57 per month on their interest-bearing checking accounts. Assume the population standard deviation is $1.88. Complete parts a and b below. a. Construct a 90% confidence interval to estimate the average fee for the population. The 90% 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.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section: Chapter Questions
Problem 8SGR
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Banking fees have received much attention during the recent economic recession as banks look for ways to recover from the crisis. A sample of 37 customers paid an average fee of $12.57 per month on their interest-bearing checking accounts. Assume the population standard deviation is $1.88. Complete parts a and b below. a. Construct a 90% confidence interval to estimate the average fee for the population. The 90% 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.)
Transcribed Image Text:Banking fees have received much attention during the recent economic recession as banks look for ways to recover from the crisis. A sample of 37 customers paid an average fee of $12.57 per month on their interest-bearing checking accounts. Assume the population standard deviation is $1.88. Complete parts a and b below. a. Construct a 90% confidence interval to estimate the average fee for the population. The 90% 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.)
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