Suppose a Department Store Wants to Estimate the Average Age

question 112

Short Answer

Suppose a department store wants to estimate the average age of the customers of its contemporary apparel department,correct to within 2 years,with level of confidence equal to 95%.Management believes that the standard deviation is 8 years.The sample size they should take is _________.

---

Definitions:

Short-Term Interest Rate

The interest rate charged on loans or realized on investments over a short period, typically less than a year.

Surplus Funds

Additional money or assets available after all expenses have been accounted for, often used for investment or saving.

Scheduled To Be Paid

Refers to payments that are planned and outlined to be made on specific dates as per a payment agreement or schedule.

Invested

The process of distributing funds with the aim of earning returns or profits.