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A statistician selected a sample of 16 accounts receivable and determined the mean of the sample to be $5,000 with a standard deviation of $400. She reported that the sample information indicated the mean of the population ranges from $4,739.80 to $5,260.20. She did not report what confidence coefficient she had used. Based on the above information, determine the confidence coefficient that was used.
Simple Interest
Interest calculated solely on the principal amount of a loan or investment, without compounding over time.
360-Day Year
This is a simplified method used in some financial calculations where the year is assumed to have 360 days for ease of interest computation.
Total Amount
The complete sum or quantity of something, encompassing all components or elements.
Ordinary Interest
Interest that is calculated based on a 360-day year, often used in banking and finance for simplifying interest calculations on loans and investments.
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