THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A regional CPA firm conducted an audit for a discount chain.One part of the audit involved developing an estimate for the mean dollar error in total charges that occur during the checkout process.They wish to develop a 90% confidence interval estimate for the population mean.A simple random sample of n = 20 is selected,with the following data (in dollars):
-The number of television sets coming off a production line each day is known to have a standard deviation of 118.5 sets per day.The production manager tells you that the 90% confidence interval for the population mean was 552.3 to 621.9.How large a sample was this confidence interval based on?
Definitions:
Year
A period of approximately 365 days used for calculating time in most of the world, divided into 12 months.
Working Capital
Current assets minus current liabilities, indicating the liquidity of a business and its ability to meet short-term obligations.
Current Ratio
An indicator of how well a company can fulfill its short-term financial liabilities using assets that are readily convertible to cash.
Acid-Test Ratio
A financial metric that measures a company’s ability to pay off its current liabilities with only quick assets, excluding inventory.
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