A Convenience Store Owner Believes That the Median Number of Lottery

question 20

Multiple Choice

A convenience store owner believes that the median number of lottery tickets sold per day is 73. A random sample of 20 days yields the data below. Find the test statistic x to test the ownerʹs claim. $$\begin{array} { l l l l l l l l l l } 56 & 72 & 83 & 88 & 55 & 79 & 94 & 51 & 57 & 62 \\71 & 78 & 78 & 68 & 68 & 73 & 73 & 83 & 78 & 62\end{array}$$

• A)8
• B)10
• C)2
• D)18

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Definitions:

Sales

The total amount of goods or services sold by a company, serving as a primary source of revenue.

Net Income

A company's overall earnings following the deduction of all expenses and taxes from its gross income.

Average Collection Period

The average number of days it takes for a company to collect receivables from its customers, indicating the efficiency of its credit policies.

Discount Period

The time frame in which a buyer can pay less than the full amount due on an invoice if payment is made promptly, incentivizing early payment.