Multiply; Round Off Monetary Products to the Nearest Cent

question 15

Short Answer

Multiply; round off monetary products to the nearest cent. Do not round off the non-monetary products.
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a.$0.625 ´ 8,000
b.4.7807 ´ 1.309
c.$27.35 ´ 16.75

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Definitions:

Confidence Interval

A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter.

Population Mean

The average of a set of characteristics (numeric values) in a population; a parameter that describes the central location of the data.

Sample Mean

The average of all data points in a sample, used as an estimate of the population mean.

Unbiased Estimators

Statistical estimators whose expected value is equal to the parameter being estimated.