Recall that a bank manager has developed a new system to reduce the time custome

Question

Recall that a bank manager has developed a new system to reduce the time customers spend waiting to be served by tellers during peak business hours. The mean waiting time during peak business hours under the current system is roughly 9 to 10 minutes. The bank manager hopes that the new system will have a mean waiting time that is less than six minutes. The mean of the sample of 100 bank customer waiting times is 1formula2.mml = 5.43. If we let µ denote the mean of all possible bank customer waiting times using the new system and assume that equals 2.44: Using the 95 percent confidence interval, can the bank manager be 95 percent confident that µ is less than six minutes? which one is the answer? A) Yes B) No

Explanation / Answer

solution=.

95% CI

n = 100    

x-bar = 5.43

s = 2.44

% = 95

95%

M = z o/n = 1.96(2.44/100)

=0.478

CI = (x±m) = (5.43±0.478)

= (4.952 , 5.908)

Yes, the entire 95% CI is less than 6. The manager can be 95% confident that is less than 6 minutes

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