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:

Al-Farabi

A renowned philosopher and scientist in the Islamic golden age, who made notable contributions in philosophy, logic, and music.

Philosophers

Individuals who seek wisdom and knowledge through critical discussion, argument, and analysis of fundamental questions about life, morals, and the nature of the universe.

Openness

The quality of being open to new experiences, ideas, and changes, often characterized by adaptability and willingness to explore.

Attunement of Names

A concept, possibly referring to the harmonization or proper alignment of names, terms, or concepts within a particular context or system of thought, ensuring appropriate correspondence to their referents.