Question
A random sample of 25 ATM transactions at the Last Chance Bank revealed a mean transaction time of 2.1 minutes with a standard deviation of
A random sample of 25 ATM transactions at the Last Chance Bank revealed a mean transaction time of 2.1 minutes with a standard deviation of 0.25 minutes. We want to use this information to construct a confidence interval for the true mean time for all transactions at this ATM.
Question 1: To construct the confidence interval, should we use the normal distribution or a t distribution?
Question 2: Construct a 99% confidence interval for the true mean transaction time.
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Brief Calculus & Its Applications
Authors: Larry J Goldstein, David C Lay, David I Schneider, Nakhle I Asmar
13th Edition
0321888510, 9780321888518
