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Thread: I really need help with this math problem...

  1. #1
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    I really need help with this math problem...



    A credit union needs information concerning the checking account balances of its customers. A random sample of 14 accounts was checked and yielded a mean balance of $664 and a standard deviation of $297. Assume the population has a normal distribution. You will be finding a confidence interval for the true mean checking account balance for all customers of the credit union.
    A.) What distribution will be used. Z or T?
    B.) Construct a 90% confidence interval. Remember to write the formula before substituting values. Round confidence interval limits to the nearest dollar.
    C.) Complete the sentence summarizing the results: We are 90% confident the true mean checking account balance of all the credit union customers is between ______________ and ___________.

    I'm really not just looking for the answer. We may have a question just like this on the final so I'd like to know how to do it as well. Any and all help would be greatly appreciated.

  2. #2
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    Re: I really need help with this math problem...

    Since you aren't looking for an answer how far have you got? Start with A.) which do you think should be used? The Z or T stat? How do they differ?

  3. #3
    Ninja say what!?!
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    Re: I really need help with this math problem...


    Yes. Please take a stab at it and try to justify your answer. We'll help you as long as we see the effort.

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