ANZ Bank's Wealth Management Division conducted a survey of the value of the new business created over
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Question:
ANZ Bank's Wealth Management Division conducted a survey of the value of the new business created over the last month in millions of dollars. From 20 responses, the mean and standard deviation were found to be $3.751 and $1.429 million respectively. Assuming the data were collected through a random sample and that the value of new business is approximately normally distributed, calculate a 90% confidence interval estimate of the average value of new business per month in millions of dollars. State only the lower bound correct to three decimal places.
Related Book For
Statistics Unlocking the Power of Data
ISBN: 978-1118583104
1st edition
Authors: Robin H. Lock, Patti Frazer Lock, Kari Lock Morgan, Eric F. Lock, Dennis F. Lock
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