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A local company makes a candy that is supposed to weigh 1.00 ounces. A random sample of 25 pieces of candy produces a mean of .996 ounces with a standard deviation of .004 ounces. How many pieces of candy must we sample if we want to be 99 percent confident that the sample mean is within .001 ounces of the true mean?
Co-insurance
An insurance arrangement where the risk is shared between the insurer and the insured, often requiring the insured to pay a specified percentage of the costs of a claim.
Utmost Good Faith
A principle requiring all parties in an agreement or contract to act honestly and not mislead or withhold critical information.
Wagering Agreement
A contract centered around betting or gambling where the outcome depends on an uncertain event.
Contract
A legally binding agreement between two or more parties that outlines obligations and rights of the involved parties.
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