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MAT 152: Financial Literacy Lab Name: MAT 152: Financial Literacy Lab Name:

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MAT 152: Financial Literacy Lab Name: MAT 152: Financial Literacy Lab Name:

• Use your calculator or excel to find the confidence intervals.

• Complete your work, but submit only the answers in the form in Moodle.

1. A random sample of 10 parking meters in a resort community showed the following

incomes for a day. Assume the incomes are normally distributed.

$3.60 $4.50 $2.80 $6.30 $2.60 $5.20 $6.75 $4.25 $8.00 $3.00

Find the 95% confidence interval for the true mean.

2. A study of 14 car owners showed that their average repair bill was $192 with a

standard deviation of $8. Construct a 98% confidence interval for the

population mean, μ. Assume the population has a normal distribution.

3. A local bank needs information concerning the savings account balances of its

customers. A random sample of 15 accounts was checked. The mean balance was

$686.75 with a standard deviation of $256.20. Find a 99% confidence interval for

the true mean.

4. In a random sample of 60 dog owners enrolled in obedience training, it was

determined that the mean amount of money spent per owner was $109.33 per class.

Assuming the standard deviation of the amount spent per owner is $12, construct a

95% confidence interval for the mean amount spent per owner for an

obedience class.

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