The president of a bank wants to know the average account balance for all 2046 of the bank’s customers. Every account balance she surveys requires a long authorization process, so she decides to take a sample of 20 accounts instead of going through this process thousands of times. These are the balances of 20 randomly selected customers (each is rounded to the nearest dollar, and some have a balance less than $0).
A. Identify the sample and the population for this particular study.
B. Is the parameter for this study known? What is it, or otherwise, why is it not known?