Statistics Solutions

[See Steps] A fictional research firm has recommended that installation of ATMs will reduce routine bank transaction costs if over 50% of bank's clients

Question: A fictional research firm has recommended that installation of ATMs will reduce routine bank transaction costs if over 50% of bank's clients use it. To test this contention a fictional bank has installed an ATM in its branch. A random sample of 100 bank clients are surveyed about the number of times they used the ATM in the past month. The responses are as follows:

Number of times ATM used last month x 0 1 2 3 4 5 6 7
Absolute Frequency f(x) 20 35 20 5 5 5 5 5
  1. What is the best estimate of the percentage of clients who do not use the ATM in a month?
  2. Construct a 99% confidence interval for this best estimate.
    C. Can the bank be confident that installation of ATMs will result in the reduction of transaction costs?
    d. How many ATM transactions does the average client make per month?
    e. Construct a 95% confidence interval for the mean number of monthly transactions.
    f. Is it likely that the population mean is 0.8? Why? Why not?
    Price: $2.99
    Solution: The downloadable solution consists of 3 pages
    Deliverable: Word Document


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