An Experiment Was Conducted to Determine the Effectiveness of a Method

question 113

Multiple Choice

An experiment was conducted to determine the effectiveness of a method designed to remove oil wastes found in soil. Three contaminated soil samples were treated. After 95 days, the percentage of contamination removed from each soil sample was measured, with a mean of 49.3 percent and a standard deviation of 1.5 percent. If we wished to narrow the boundary around μ for a 98 percent confidence interval to within .5 percent, how many soil samples should be in our experiment?

• A) 437
• B) 33
• C) 9
• D) 6
• E) 3

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Definitions:

Accounting Principle

Fundamental guidelines or rules that govern how financial statements are prepared and presented.

Fasb

The Financial Accounting Standards Board, an organization that establishes accounting and financial reporting standards for companies and nonprofits in the United States.

Standards-Setting Body

An organization or group responsible for developing and issuing standards, such as accounting or auditing standards.

Diluted Earnings Per Share

A metric that shows the quality of a company's earnings per share if all convertible securities were converted into new shares.