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6.) Finger Lakes Associates, a major auditing firm, has been engaged to audit Big Woods Furniture, an upper-Midwest furniture retailer, in order to determine the
6.) Finger Lakes Associates, a major auditing firm, has been engaged to audit Big Woods Furniture, an upper-Midwest furniture retailer, in order to determine the value of the firm's assets preceding a takeover by National Distributor. As part of this audit, they were asked to take a sample of the accounts receivable to estimate the mean value of all accounts receivable. The company presently has 1,420 accounts receivable on the ledger. They decided to conduct a customer confirmation audit by contacting a random sample of 100 accounts receivable customers and asking them to either verify the value of the receivable in the company transaction file or to indicate the correct value of the receivable. From this data they computed a sample mean of $744 and a sample standard deviation of $47.96 a.) With 95% confidence interval, what is the sampling error for the mean value of all accounts receivable? b. ) Construct a 95% confidence interval for the mean value of all accounts receivable
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