Question 11One of the characteristics of a credit card is the average outstanding balance. A group of researchers wantsto estimate the average outstanding balance using a randomly selected sample of 31 customers. Theaverage monthly balance of the sample is calculated as $2614.49. Construct and interpret a 97% confidenceinterval for the average outstanding balance on a credit card assuming that the population standarddeviation is $2871.4.i. Procedure: One mean Z procedureii. Assumptions: (select everything that applies)Population standard deviation is unknown✔Sample size is greater than 30✔Simple random sample✔Population standard deviation is knownO Normal populationThe number of positive and negative responses are both greater than 10iii. Unknown parameter: [u, population meaniv. Point estimate: Select an answerSelect an answersample proportion, psample mean, Xsample variance, s²0v. Confidence level% and aααand 122• Critical values: (Round the answer to 2 decimal places)left=right=alsoPart 2 of 5dollars (Round the answer to 2 decimal places)

Givensample size(n)=31Mean(x)=2614.49standard deviation(σ)=2871.4confidence level=97%

Answered: One of the characteristics of a credit…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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