The mean and the standard deviation of the sample of 100 bank customer waiting times are x¯ = 5.36 and s = 2.455. (1) Calculate a t-based 95 percent confidence interval for µ, the mean of all possible bank customer waiting times using the new system. (2) Are we 95 percent confident that µ is less than 6 minutes?.
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(1) Calculate a t-based 95 percent confidence interval for µ, the mean of all possible bank customer waiting times using the new system.
(2) Are we 95 percent confident that µ is less than 6 minutes?.
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