A Sample of 100 Students Is Selected from a Known

question 114

Multiple Choice

A sample of 100 students is selected from a known population of 1,000 students to construct a 95%
Confidence interval for the average SAT score. What correction factor should be used to compute
The standard error?

• A) 0.949
• B) 0.901
• C) 1.96
• D) 9.01
• E) Cannot be determined

---

Definitions:

GIC

A Guaranteed Investment Certificate (GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period, often issued by banks or trust companies.

Maturity Value

The sum of money an investor receives at the conclusion of a fixed-term investment, which encompasses both the original investment and the earned interest.

Inflation Rate

The speed at which the overall price level for products and services increases, diminishing the buying power.

Hourly Rate

The amount of money paid or charged for one hour of labor or service.