A large regional department store is evaluating the effectiveness of its credit card program, which costs it approximately $1m per year to administer. The store believes that for the credit card program to be worthwhile, the administrative costs should be no more than 10% of the total of the average annual account balances.

Rather than reviewing each of the 15,000 individual accounts, the store's analysts randomly selected a sample of 500 average annual balances from the frame. The sample mean and sample standard deviation were $215.75 and $55.90, respectively.

What distribution will you use to determine the multiple?

(Choose from one of the following: standard normal, binomial, t-distribution; write them in EXACTLY as shown)

What multiple will you use for your 95% confidence interval?

(Write in the multiple to 3 decimal points, for example if the multiple is 0.2544, write in 0.254)

What is the point estimate for the mean?

(Write in the dollar amount to 2 decimal points without the $ symbol. For example, if the value was $54.67 write in 54.67)

What is the standard error?

(Write in the SE using 2 decimal points. For example if the multiple is 0.2544, write in 0.25)

What is the lower limit of the 95% confidence interval?

(Write in the dollar amount to 2 decimal points without the $ symbol. For example, if the value was $54.67 write in 54.67)

What is the upper limit of the 95% confidence interval?

(Write in the dollar amount to 2 decimal points without the $ symbol. For example, if the value was $54.67 write in 54.67)