Suppose a Department Store Wants to Estimate the Mean Age

question 76

Short Answer

Suppose a department store wants to estimate the mean age of the customers of its contemporary apparel department,correct to within 2 years,with level of confidence equal to 95%.Management believes that the standard deviation is 8 years.The sample size they should take is .

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Definitions:

Liquidation

The process of winding up a company's financial affairs by selling off its assets to pay creditors and distribute any remaining assets to the shareholders.

Liabilities

Financial obligations or debts owed by a business or individual to creditors.