A Random Sample of 25,000 ACT Test Takers Had an Average

question 42

Multiple Choice

A random sample of 25,000 ACT test takers had an average score of 21 with a standard deviation of 5. What is the 95% confidence interval of the population mean?

• A) 4.9723 to 5.0277
• B) 4.9380 to 5.0620
• C) 4.7397 to 5.2603
• D) 4.9432 to 5.0568

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Definitions:

Balance Sheet

The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity.

Inventory

The cumulative inventory of materials and products that a business maintains for the goal of selling or using in production.

Falling Prices

A situation where the general level of prices for goods and services is declining.

LIFO Method

A method of inventory valuation based on the assumption that the most recently acquired items are the first to be sold.