The standard deviation for the checking account balances is assumed known to be 357.50. Recently, a ...

The standard deviation for the checking account balances is assumed known to be 357.50. Recently, a bank manager was interested in estimating the mean balance.

To do this, she selected a random sample of 81 accounts and found a mean balance of 1,347.20. At a 95 percent confidence level, the lower limit for the confidence interval is 646.50. Indicate whether the statement is true or false

Q. 2

A study of cars arriving at a parking structure at the local airport shows that the time between arrivals is 1.2 minutes and is exponentially distributed. The probability that more than 2 minutes will elapse between the arrivals of cars is about 0.

81. Indicate whether the statement is true or false

Q. 3

All of the following are continuous probability distributions that can be matched to specific empirical data except ________.

A) the Bernoulli distribution
B) the Pareto distribution
C) the lognormal distribution
D) the geometric distribution

Q. 4

One way to reduce the margin of error in a confidence interval estimate is to lower the level of confidence.

Indicate whether the statement is true or false

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The standard deviation for the checking account balances is assumed known to be 357.50. Recently, a ...

Statistics, Data Analysis, and Decision Modeling

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