First Upstate Bank HW #5 .docx

First Upstate Bank HW #5 .docx - Data Driven Decision...

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Data Driven Decision Making – Quantitative Data ECN 632 Module 5 First Upstate Bank – HW#5 Answer these questions in a Word document. Copy and paste any relevant Excel output into this document. Also submit the Excel file you used to calculate your statistics. 1. The bank is interested in knowing how many times a month a customer uses the ATM. Provide both a point and a 95% confidence interval estimate for this. After seeing your interval estimate, the company decides that it is willing to trade some accuracy for precision. Will you decide to calculate a 90% or 99% confidence interval? Explain. Provide the new interval estimate. Point estimate of pop mean Point estimate of population st dev 4.8 2.09 Confidence Interval 95% Error 1.22 Lower 3.58 Upper 6.02 Interval from 3.58 to 6.02 with a sample population of 5. If the company was willing to sacrifice accuracy for precision, then they would want to decrease the confidence level to 90% as opposed to 99%. This is because
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