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:

Conservative

A belief system advocating for the preservation of conventional social norms and structures.

Pure Food and Drug Act

A 1906 U.S. law aimed at regulating the production and sale of food and medicine, marking the beginning of federal consumer protection in the United States.

Federal Government

The national government of a federated state, responsible for the country's political authority and realization of its laws.

Corporate World

A term referring to the business sector, encompassing companies, corporations, and their activities, cultures, and influence in the economy.