A corporation has 272 accounts receivable in a particular category. A random sample of 50 of them

Question:

A corporation has 272 accounts receivable in a particular category. A random sample of 50 of them was taken. The sample mean was $492.36, and the sample standard deviation was $149.92.

a. Find a 99% confidence interval for the population mean value of these accounts receivable.

b. Find a 95% confidence interval for the total value of these accounts receivable.

c. Without doing the calculations, state whether a 90% confidence interval for the population total would be wider or narrower than the interval found in part b.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Statistics For Business And Economics

ISBN: 9781292436845

10th Global Edition

Authors: Paul Newbold, William Carlson, Betty Thorne

Question Posted: