Suppose a Population Has a Mean of 870 and a Variance

question 5

Multiple Choice

Suppose a population has a mean of 870 and a variance of 1,600.If a random sample of size 64 is drawn from the population, the probability that the sample mean is between 860 and 875 is closest to _______.

• A)0.9544
• B)0.6826
• C)0.8785
• D)0.5899
• E)0.8185

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Definitions:

Mark-Up

The percentage added to the cost price of goods to cover overhead and profit, determining the selling price.

Impairment Loss

A decrease in an asset's recoverable amount below its carrying amount, leading to a reduction in its value on the financial statements.

Effective Tax Rate

The percentage of their income that individuals or corporations pay in taxes, taking into account all deductions and credits.

Unrealized Pre-Tax Profits

Profits that have been recorded in financial statements but have not yet been subjected to taxation due to non-realization through sales.