BADM 216 Homework 5 Please solve the following questions related to Chapter 7 and 8: 1. A bank has kept records of the checking balances of its 4000 customers and determined that the average daily balance of its customers is $300 with a standard deviation of $48. A random sample of 144 checking accounts is selected. Please answer the following questions. (a)What is the probability that the sample mean will be more than $310? (b What is the probability that the sample mean will be between ) $295 and $305? (c)Suppose the number of customers decreases from 4000 to 2000. What is the probability that the sample mean will be between $296 and $306? [Hint: Please see Chap007 - Slides 20 -35 for formula and example. Please also see page 310-316 in the textbook.] 2. A random sample of 121 checking accounts at a bank showed an average daily balance of $280. The standard deviation of the population is known to be $66. Please answer the following questions: (a)Find the standard error of the mean. (b Give a point estimate of the population mean. ) (c)Construct a 90% confidence interval estimates for the mean. [Hint: Please see Chap008 - Slides 5 -17 for formula and example. Please also see page 337-341 in the textbook.] 3. In order to determine how many hours per week freshmen college students watch television, a random sample of 25 students was selected. It was determined that the students in the sample spent an average of 14 hours with a sample standard deviation of 3.2 hours watching TV per week. Please answer the following questions: (a)Provide a 95% confidence interval estimate for the average number of hours that all college freshmen spend watching TV per week. (b Assume that a sample of 16 students was selected (with the ) same mean and the sample standard deviation). Provide a 95% confidence interval estimate for the average number of hours that all college freshmen spend watching TV per week. [Hint: Please see Chap008 - Slides 24-29 for formula and example. Please also see page 343-349 in the textbook.] Please type your answer and the steps of computation in a Word file. (Please DO NOT just write the answer. Show the steps that you solve the problems. Partial credit will be given based on your computation steps.) Please save the file as \"BADM216 Hw5_Your First Name_Your Last Name.docx\" and submit through Canvas. Due Date: April 23rd, 2017, Sunday, 11:00PM