Question
At your part-time job in the office, your manager requested that you examine all accounts receivable of the company, and then to take a random
At your part-time job in the office, your manager requested that you examine all accounts receivable of the company, and then to take a random sample of them to provide her with estimates of the population values useful for decision making. You considered a random sample of 45 of the accounts and obtained a mean of $135.40 and a standard deviation of $43.72. Assuming normality for the distribution of amounts in the accounts receivable, estimate the upper end point in a 99% confidence interval for the total amount of the 780 accounts of the company.
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