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:

Employer

An individual or organization that hires and pays for the services of employees in exchange for their labor.

General Journal Entry

A record in the accounting journal that represents a specific financial transaction, detailing the accounts affected and the amounts involved.

Payroll

The total amount of wages, salaries, bonuses, and deductions a business pays to its employees.

FICA-OASDI Payable

The amount owed by an employer or employee for Social Security and Medicare taxes, to be paid to the IRS.