[See Solution] PART B: (Large-Sample Interval Estimation of the population Mean) Suppose a large credit corporation wants to estimate the average amount
Question: PART B: (Large-Sample Interval Estimation of the population Mean)
Suppose a large credit corporation wants to estimate the average amount of money owed by its delinquent debtors; i.e., debtors who are more than 2 months behind in payment. In order to accomplish this objective, the company plans to sample 100 of its delinquent accounts and to use the sample mean \[\bar{X}=\\(233\] of these accounts overdue to estimate \[\mu \] , the mean for all delinquent accounts. It was determined that the sample standard deviation of these accounts overdue is \[s=\\(90\] .
- What is the sampling distribution of the sample mean? What is the point estimate?
- Construct a 95% confidence interval for \[\mu \]
- Interpret the confidence interval, you find in part (b) above.
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