If the Standard Deviation for the Lifetimes of Washing Machines

question 56

Short Answer

If the standard deviation for the lifetimes of washing machines is estimated to be 800 hours, how large a sample must be taken in order to be 97% confident that the margin of error will not exceed 50 hours?

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Definitions:

Return on Investment

A measure used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments.

Deferred Tax Liability

A tax obligation owed by an entity in the future due to temporary differences between the book value of assets and liabilities and their tax value.

Income Tax Expense

The expense reported on the income statement that represents the amount of income tax a company owes to governmental authorities.

Tax Rate

The percentage at which an individual or corporation is taxed.