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A bank manager wanted to determine the mean number of transactions businesses make per month. For a sample of 55 businesses, he found that mean number of transaction per month to be 32 and the standard deviation to be 7.5 transactions.

(a) Find a 90% confidence interval for the mean number of business transactions per month. Show your calculations and/or explain the process used to obtain the interval.

(b) Interpret this confidence interval and write a sentence that explains it.

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Category:- Statistics and Probability
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