A Major Department Store Chain Is Interested in Estimating the Average

question 45

Multiple Choice

A major department store chain is interested in estimating the average amount its credit card customers spent. Fifteen credit card accounts were randomly sampled and analyzed with the following results: = $50.50 and = 400. Which of the following is a 95% confidence interval for the average amount the credit card customers spent?

• A) $50.50$9.09
• B) $50.50$10.12
• C) $50.50$11.00
• D) $50.50$11.08

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Definitions:

Memorandum

A written record or communication used in business or diplomatic contexts to outline agreements, policies, or other relevant information.

Parol Evidence Rule

A legal principle in contract law that prevents parties from presenting evidence of prior or contemporaneous agreements that contradict the written terms of a contractual agreement.

Partially Integrated Contract

A written contract that represents some, but not all, of the terms agreed upon by the parties.

Ambiguous Term

A word or phrase that can be understood in more than one way, leading to uncertainty or varying interpretations.