Question: Calculate a 90% confidence interval for the true mean transaction for the customer. What is the lower and upper bound confidence interval? A credit card
Calculate a 90% confidence interval for the true mean transaction for the customer. What is the lower and upper bound confidence interval?

A credit card company wanted to estimate the mean transaction amount of one of their customers in order to detect fraud. They took a sample of n = 130 transaction amounts the customer made during a period of one year. The transaction amounts were left skewed. The mean transaction amount they computed was $27.34. Assume the population standard deviation, o, is 5.91. Use this information for all parts
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
