You Want to Build a 99% Confidence Interval Estimate of the Mean

question 67

Multiple Choice

You want to build a 99% confidence interval estimate of the mean of a large population.You want the margin of error to be no more than 5.You estimate that the population standard deviation is 50.How big a sample should you select?

• A)634
• B)753
• C)666
• D)442
• E)258

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Definitions:

Accounting Records

Documentation and books that contain the financial transactions and financial status of a company.

Services Rendered

Work or duties performed for a client, often resulting in payment for the service provider.

Incurred

Costs or expenses that have been realized or experienced by a business as part of its operations.

Journal

An initial record in which financial transactions are entered in chronological order before posting to ledgers.