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:

External Sources

Information, capital, or services obtained from outside the organization or individual's immediate environment or domain.