Omodolapo Agbolade-Olasinde_905039_assignsubmission_file_Unit Exercise 6 - Omodolapo Agbolade-Olasi - Unit 6 Exercise Instructor Albert Wong 25\/28

Omodolapo Agbolade-Olasinde_905039_assignsubmission_file_Unit Exercise 6 - Omodolapo Agbolade-Olasi

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11/15/2019 Omodolapo Agbolade-Olasinde Unit 6 Exercise Instructor: Albert Wong 25/28
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1.A simple random sample of 80 customers is selected from an account receivable portfolio and the sample mean account balance is $1250. The population standard deviation σ is known to be $250. (8 points)a.Construct a 95% confidence interval for the mean account balance of the population. b.What is the margin of error for estimating the mean account balance at the 95% confidence level. c.Construct a 95% confidence interval for the mean account balance of the population if the sample mean account balance is obtained from a random sample of 150 instead of 80. d.Based on the results from a. and c., what can you say about the effect of a larger sample size on the length of the confidence interval at the same confidence level?
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