A Local Company Makes a Candy That Is Supposed to Weigh

question 88

Multiple Choice

A local company makes a candy that is supposed to weigh 1.00 gram.A random sample of 25 pieces of candy produces a mean of 0.996g with a standard deviation of 0.004g.If candy weight is normally distributed,how many pieces of candy must we sample if we want to be 99% confident that the sample mean is within 0.001g of the true mean?

• A)126
• B)124
• C)107
• D)12
• E)6

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Definitions:

Holder in Due Course

A legal term for an entity that has acquired a negotiable instrument in good faith and for value, thus having certain protections against defenses and claims that could be made against the instrument.

Negotiable Instrument

A written document guaranteeing the payment of a specific amount of money to the bearer or a named party, either on demand or at a set time.

Value

The importance, worth, or usefulness of something, often determined by the demand for it in the market or its inherent qualities.

Simple Consideration

The minimal requirement of value that must be exchanged between parties entering into a contract, for the contract to be considered valid.