U.S. consumers are increasingly viewing debit cards as a convenient substitute for cash and checks. The average
Question:
U.S. consumers are increasingly viewing debit cards as a convenient substitute for cash and checks. The average amount spent annually on a debit card is $7,790 (Kiplinger's, August 2007). Assume that this average was based on a sample of 100 consumers and that the population standard deviation is $500.
a. At 99% confidence, what is the margin of error?
b. Construct a 99% confidence interval of the population mean amount spent annually on a debit card. P-69
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Related Book For
Business Statistics Communicating With Numbers
ISBN: 9780071317610
1st Edition
Authors: Kelly Jaggia
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