In Order to Estimate the Average Electric Usage Per Month

question 81

Multiple Choice

In order to estimate the average electric usage per month, a sample of 64houses was selected and the electric usage was determined. Assume a population standard deviation of 320 kilowatt-hours. At 95% confidence, the size of the margin of error is

• A) 1.96.
• B) 40.00.
• C) 78.40.
• D) 65.80.

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Definitions:

Straight Life

In the context of life insurance, a straight life policy offers a guaranteed death benefit and lifetime coverage with fixed premium payments.

Universal Life

A type of flexible permanent life insurance that offers the low-cost protection of term life insurance as well as a savings element, which is invested to provide a cash value buildup.

Protection

Measures taken to safeguard something or someone against harm or damage.

Life Insurance

A contract between an insurer and a policyholder in which the insurer pays a designated beneficiary a sum of money upon the death of the insured person.