From a Population of 2000 Accounts Receivable, a Simple Random

question 58

Short Answer

From a population of 2000 accounts receivable, a simple random sample of 120 accounts is selected. Thirty-six of the accounts in the sample were overdue.
a.Estimate the standard error of the proportion of the overdue accounts.
b.Develop an approximate 95% confidence interval for the proportion of overdue accounts in the population.

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Definitions:

Cynical

Having a belief that people are motivated purely by self-interest; skeptical of the motives of others.

Empirical Approach

A method of acquiring knowledge based on observation, experimentation, and evidence rather than theories or pure logic.

Examine Assumptions

The process of critically questioning and evaluating the underlying beliefs or principles that are taken for granted in arguments, theories, or policies.

Observation

The action or process of observing something or someone carefully or in order to gain information.