Developed new system to reduce the time customers

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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 93 bank customer waiting times is 1formula2.mml = 5.41. If we let µ denote the mean of all possible bank customer waiting times using the new system and assume that σ equals 2.48: (a) Calculate 95 percent and 99 percent confidence intervals for µ.

Reference no: EM132209053

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