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:

Environmental Activist

An individual who actively promotes the protection and preservation of the environment through various actions and advocacy.

Gaylord Nelson

An American politician and environmentalist who founded Earth Day, which helped spark the modern environmental movement.

Anthropocentric

Literally “human centered”; the idea that needs and desires of human beings should take priority over concerns about other species or the natural environment.

New Ecological Paradigm

A perspective emphasizing the importance of understanding human societies as deeply interconnected with the environment and advocating for sustainable practices.