A Local Retail Company Wants to Estimate the Mean Amount

question 10

Multiple Choice

A local retail company wants to estimate the mean amount spent. Their budget limits the number of surveys to 225. What is their maximum error of the estimated mean amount spent for a 99% level of confidence and an estimated standard deviation of $10.00?

• A) $10
• B) $1.00
• C) 1%
• D) $1.72

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Definitions:

Specialization

The process of concentrating on and becoming expert in a particular subject or skill.