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In 2018 a random sample of 100 American families found an average balance in their savings accounts was $450 (standard deviation = $200) Provide a
In 2018 a random sample of 100 American families found an average balance in their savings accounts was $450 (standard deviation = $200)
- Provide a 90% confidence interval of the true average savings account balance among all American families.Be sure to present your interval in this form:number <= parameter <= number. Your parameter should include the proper notation.
- What is the probability that the true average savings account balance among all American families falls outside of your interval? Fill in the blank:The probability that the true average savings account balance among all American families falls outside of the interval is ______.
- If Problem 1 had asked for a 94% confidence interval, what critical value would you have used?
Fill in the blank:The critical value that I would have used is ____________________.
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