2. Banking fees have received much attention during the recent economic recession as banks look for ways to recover from the crisis. A
sample of 34 customers paid an average fee of $12,31 per month on their interest-bearing checking accounts. Assume the population
standard deviation is $1.86. Complete parts a and b below.
a. Construct a 99% confidence interval to estimate the average fee for the population.
The 99% confidence interval has a lower limit of $
(Round to the nearest cent as needed.)
b. What is the margin of error for this interval?
(Round to the nearest cent as needed.)
and an upper limit of $
a. For a above, the lower limit of the confidence interval is [Select]
and the upper limit of the confidence interval is [Select]
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b. For b above, the margin of error for this interval is [Select]