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):
-There is concern about the speed of automobiles traveling over US 131.For a random sample of seven automobiles radar indicated the following speeds,in miles per hour: 80,74,69,78,87,72,and 70.Assuming a normal population distribution,find the margin of error of a 95% confidence interval for the mean speed of all automobiles traveling over this stretch of highway.
Definitions:
Net Capital Outflow
The difference between the domestic savings and investment in a country, indicating the amount of money flowing out of the country to invest abroad minus the inflow.
Net Exports
The value of a country's total exports minus the value of its total imports; a component of a country's GDP.
Farm Equipment
Machinery and tools used in the farming industry for the purposes of planting, harvesting, and caring for crops.
Net Exports
The difference between the value of a country's exports and the value of its imports.
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