Q1 A random sample of 121 credit sales in a department store showed an average sale of $75 00 From past data, it is known that the standard deviation of the population is $27 00 Determine the standard error of the mean With a 0 95 probability, what is the margin of error What is the 95 confidence interval of the population mean

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 11, 2024

Q1. A random sample of 121 credit sales in a department store showed an average sale of $75.00. From past data, it is known that

Q1. A random sample of 121 credit sales in a department store showed an average sale of $75.00. From past data, it is known that the standard deviation of the population is $27.00.

Determine the standard error of the mean.
With a 0.95 probability, what is the margin of error?
What is the 95% confidence interval of the population mean?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Geometry From Euclid To Knots

Authors: Saul Stahl

1st Edition

0486134989, 9780486134987

More Books

Students also viewed these Mathematics questions

Question

★★★★★

Dr. Madison, inventor and owner of Madison Corrosion Treatment, has discovered that ordinary mufflers and pipes, when treated with his patented process, will become permanently impervious to...

Answered: 1 week ago

Question

★★★★★

In Exercises 31 through 38, sketch the indicated region R and find its area by integration. R is the region bounded by the curve y = 2 + x x 2 and the x axis.

Answered: 1 week ago

Question

★★★★★

Consider a closed queueing network consisting of two customers moving among two servers, and suppose that after each service completion the customer is equally likely to go to either serverthat is,...

Answered: 1 week ago

Question

★★★★★

Kiwi Charter Corp. reported $1,612,530 of net income for 2014. On November 2, 2014, it declared and paid the annual preferred dividends of $234,000. On January 1, 2014, Kiwi had 80,000 and 270,000...

Answered: 1 week ago

Question

★★★★★

Consider a Federal Government coupon bond with a $1,000 face value and a coupon rate of 1%. If the bond matures in 25 years, pays semi-annual coupons, and the yield to maturity is 5%, then what will...

Answered: 1 week ago

Question

★★★★★

Martin Incorporated provided the following information regarding its only product: Sale price per unit $50.00 Direct materials used $ 16 comma 000$16,000 Direct labor incurred $ 185 comma 000$185,000...

Answered: 1 week ago

Question

★★★★★

Mandatory Border Operations meetings are conducted for all employees in the Border Protection Unit every Monday. Employees are not permitted to telework on days when Border Operations meetings are...

Answered: 1 week ago

Question

★★★★★

A small southern West Australian country town has maintained records showing that the daily maximumtemperature during summer (Dec.,Jan.,Feb.) has averaged 30 degree Celsius with a standard deviation...

Answered: 1 week ago

Question

★★★★★

Develop a comprehensive analysis that identifies threats and vulnerabilities to the information systems infrastructure and organizational data. You may use a fictitious company, one that you...

Answered: 1 week ago

Question

★★★★★

Samstreet, Inc went public by issuing 1 million shares of common stock at $25 per share. The shares are currently trading at $30 per share. Current risk free rate is 4%, market risk premium is 8% an...

Answered: 1 week ago

Question

★★★★★

On November 12, 2020, Ms. Wilma Vander purchased an automobile to be used exclusively in her newly formed unincorporated business that commenced operations on June 30, 2020. The cost of the...

Answered: 1 week ago

Question

★★★★★

Problem 1. (1 point) Find two numbers A and B (with A S B) whose difference is 30 and whose product is minimized. Problc-Z. (lpoint) Find two positive numbers whose product is 81 and whose sum is a...

Answered: 1 week ago

Question

★★★★★

Alternative Allocation Bases: General Hospital has two departments that share the common costs of the hospital's respiratory equipment which is $485,000. You have the following information about the...

Answered: 1 week ago

Question

★★★★★

Single versus Dual Rates: A CPA firm has two departments, audit and tax, and word processing that is common to both departments. The cost of word processing is $200,000. The following information is...

Answered: 1 week ago

Question

★★★★★

Alternative Allocation Bases: Affiliated Retailers operates a department store in Enola, Pennsylvania. The store has 120,000 square feet. Each department in the store is charged with a share of the...

Answered: 1 week ago

Previous Question Next Question