# Question: A bank manager wants to know the mean amount owed

A bank manager wants to know the mean amount owed on credit card accounts that become delinquent. A random sample of 100 delinquent credit card accounts taken by the manager produced a mean amount owed on these accounts equal to $2640. The population standard deviation was $578.

a. What is the point estimate of the mean amount owed on all delinquent credit card accounts at this bank?

b. Construct a 97% confidence interval for the mean amount owed on all delinquent credit card accounts for this bank.

a. What is the point estimate of the mean amount owed on all delinquent credit card accounts at this bank?

b. Construct a 97% confidence interval for the mean amount owed on all delinquent credit card accounts for this bank.

**View Solution:**## Answer to relevant Questions

Complete the following sentences using the terms population parameter and sample statistic. a. Estimation means assigning values to a ___________ based on the value of a ___________. b. An estimator is a ___________ used to ...You want to estimate the mean number of hours that students at your college work per week. Briefly explain how you will conduct this study using a small sample. Take a sample of 12 students from your college who hold a job. ...Write the null and alternative hypotheses for each of the following examples. Determine if each is a case of a two-tailed, a left-tailed, or a right-tailed test. a. To test if the mean amount of time spent per week watching ...A real estate agent claims that the mean living area of all single-family homes in his county is at most 2400 square feet. A random sample of 50 such homes selected from this county produced the mean living area of 2540 ...According to the U.S. Census Bureau, 69% of children under the age of 18 years in the United States lived with two parents in 2009. Suppose that in a recent sample of 2000 children, 1298 were living with two parents. a. ...Post your question