According to ATMDepot.com, the mean ATM withdrawal has historically been $60, an

Question

According to ATMDepot.com, the mean ATM withdrawal has historically been $60, and the standard deviation for all withdrawals was $46.96. A bank manager plans to sample 78 accounts to determine if the mean withdrawal has changed in recent years. If there has been no change, then one would expect 99.7% of samples to resul n asam e mean between and decimal places make sure the smaller value goes in the first box and the larger value goes in the second box) Hint: Describe the sampling distribution of the sample mean and use this description to draw and label the model. Round your answers to 4 License Points possible: 4 This is attempt 1 of 3.

Explanation / Answer

Given: Mean withdrawl,u = $60

Standard deviation,s = $46.96

Sample size,n = 78

Thus, standard error,SE = s/?n = 46.96/?78 = 5.3172

Using empirical rule, 99.7% of samples results in a range of 3 standard errors from the sample mean.

i.e between u - 3*S.E and u + 3*S.E = (60 - 3*5.3172) and (60 + 3*5.3172) = 44.0484 and 75.9516

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