A University Dean Is Interested in Determining the Proportion of Students

question 125

Short Answer

A university dean is interested in determining the proportion of students who receive some sort of financial aid.Rather than examine the records for all students,the dean randomly selects 200 students and finds that 118 of them are receiving financial aid.Use a 90% confidence interval to estimate the true proportion of students who receive financial aid.

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Definitions:

Credit Terms

The conditions under which a seller extends credit to a buyer, including the repayment period and any discount for early payment.

Inventory

The complete list of items such as goods, property, and raw materials a company holds for the purpose of resale or repair.

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed by the buyer to the seller, typically due to a return or an overcharge.

Gross Profit

Revenue minus the cost of goods sold (COGS), representing the profit a company makes after deducting the costs associated with making and selling its products.