Q:

In order to test whether the average waiting time this year differs from last year, a sample of 25 data were collected this year with a mean of 0.74 hours and standard deviation 0.22 hours. The 99% confidence interval for banking service this year has a wider range than 95% confidence interval for banking service this year. a.False b.True

Accepted Solution

A:
Answer:TrueStep-by-step explanation:Confidence interval for banking service in a given confidence level can be calculated as  M±ME where M is the mean banking service in the sample and ME is the Margin of Error margin of error (ME) is calculated using the formulaME=[tex]\frac{t*s}{\sqrt{N} }[/tex] where t is the corresponding statistic in the given confidence levels is the standard deviation of the sample(or of the population if it is known) N is the sample sizet-statistic for 99% confidence level is always bigger than 95% confidence level which makes Margin of Error bigger and thus confidence interval wider.