THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The data shown below specify how much a sample of 20 executives paid in federal income taxes,as a percentage of gross income,are reproduced below.
Assume that the standard deviation for the underlying population is equal to 4.0.
-Calculate a 99% confidence interval for the population mean.
Definitions:
Cash Disbursements
Money paid out by a company for expenses, operations, or investments.
Accounts Receivable Period
The accounts receivable period is the average number of days it takes for a company to collect payments owed by its customers after a sale has been made.
Expected Sales
The projected amount of sales that a company anticipates to achieve within a specific period.
Average Collection Period
The average number of days it takes a company to receive payment after a sale has been made.
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