Asked by Mitchell Peters on May 15, 2024
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A statistician selected a sample of 16 accounts receivable and determined the mean of the sample to be $5000 with a standard deviation of $400.He reported that the sample information indicated the mean of the population ranges from $4739.80 to $5260.20.He neglected to report what confidence coefficient he had used.Based on the above information, determine the confidence coefficient that was used.Assume the population has a normal distribution.
Accounts Receivable
Money owed to a company by its customers for goods or services that have been delivered but not yet paid for.
Confidence Coefficient
The probability level associated with a confidence interval, indicating the degree of certainty that the parameter lies within the interval.
Population Distribution
The spread of characteristics or variables across all members of a defined group or population.
- Understand the idea of significance level (α) and its connection to confidence levels.
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Learning Objectives
- Understand the idea of significance level (α) and its connection to confidence levels.
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