A Statistician Selected a Sample of 16 Accounts Receivable and Determined

question 110

Short Answer

A statistician selected a sample of 16 accounts receivable and determined the mean of the sample to be $5,000 with a standard deviation of $400. He reported that the sample information indicated the mean of the population ranges from $4,739.80 to $5,260.20. He neglected to report what confidence coefficient he had used. Based on the above information, determine the confidence coefficient that was used. Assume the population has a normal distribution.

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Definitions:

Correct or Incorrect

Terms used to indicate whether something is accurate and true or false and wrong, respectively.

Effective Communication

The ability to convey information to others clearly and unambiguously, ensuring that the intended message is understood.

Leadership Skills

The abilities and qualities that enable an individual to influence, motivate, and enable others to contribute toward organizational success.

Personal Relationships

Connections between individuals based on emotional bonds, kinship, or social commitments.