A Golf Course in Toronto Has Determined That the Mean

question 22

Multiple Choice

A golf course in Toronto has determined that the mean time it takes for a foursome to complete an 18-hole round of golf is 4 hours 35 minutes (275 minutes) with a standard deviation of 14 minutes. The time distribution is also thought to be approximately Normal. Every month, the head pro at the course randomly selects a sample of 8 foursomes and monitors the time it takes them to play. Suppose the mean time that was observed for the sample last month was 4 hours 44 minutes (284 minutes) . What is the probability of seeing a sample mean this high or higher?

• A) about 0.0344
• B) about 0.4656
• C) about 0.9656
• D) about 0.2611
• E) about 0.2389

---

Definitions:

Goodwill

An intangible asset that arises when a company acquires another for more than the fair value of its net tangible and identifiable intangible assets.

Partial Equity Method

An accounting approach where an investor recognizes its share of investee profits or losses until the carrying amount of the investment is reduced to zero, differing from the full equity method by not recognizing losses beyond the initial investment cost.

Equity Method

A financial accounting approach for recording investments in associated companies by reflecting the owner's share of the investee's profit or loss within the investor's financial statements.

Partial Equity Method

An accounting method used for investments where the investor has significant influence, recording income based on the proportion of earnings rather than dividends received.