Instruction 8-8 a Hotel Chain Wants to Estimate the Average Number of Number

question 77

Short Answer

Instruction 8-8
A hotel chain wants to estimate the average number of rooms rented daily in each month.The population of rooms rented daily is assumed to be normally distributed for each month with a standard deviation of 24 rooms.
-Referring to Instruction 8-8,during January,a sample of 16 days has a sample mean of 48 rooms.This information is used to calculate an interval estimate for the population mean to be from 40 to 56 rooms.What is the level of confidence of this interval?

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Definitions:

Deferred Income Taxes

Tax liabilities that arise due to timing differences between the recognition of income and expenses in the financial statements and their recognition in the tax returns, deferred to future periods.

Life Insurance Proceeds

The amount of money paid out to the beneficiary of a life insurance policy upon the death of the insured or at the policy's maturity.

Deferred Tax Liability

An accounting term representing a tax obligation that a company owes but is allowed to pay at a future date.

Pretax Accounting Income

Income earned by a business before taxation has been deducted, as recorded in its financial accounts.