A Random Sample of 100 Credit Sales in a Department

question 42

Short Answer

A random sample of 100 credit sales in a department store showed an average sale of $120.00. From past data, it is known that the standard deviation of the population is $40.00.
a.Determine the standard error of the mean.
b.With a 0.95 probability, determine the margin of error.
c.What is the 95% confidence interval of the population mean?

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Definitions:

Instruction Set

The set of general-purpose instructions available with a given controller. In general, different machines have different instruction sets.

Input Reference

A term used to describe the source or point from which data or signals are received by a system for processing.

Input Device

A hardware component used to enter data and control signals into an information processing system, such as a keyboard, mouse, or sensor.

Function Block

A reusable software component in industrial automation that encapsulates a specific function or operation, such as mathematical operations, timing, and logic.