A customer in the wholesale garment trade is often entitled to a discount for a cash payment

Question:

A customer in the wholesale garment trade is often entitled to a discount for a cash payment for goods. The amount of discount varies by vendor. A sample of 150 items selected from a population of 4,000 invoices at the end of a period of time (stored in Discount) revealed that in 13 cases, the customer failed to take the discount to which he or she was entitled. The amounts (in dollars) of the 13 discounts that were not taken were as follows:
A customer in the wholesale garment trade is often entitled

Construct a 99% confidence interval estimate for the population total amount of discounts not taken.

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

Step by Step Answer:

Related Book For  book-img-for-question

Basic Business Statistics Concepts And Applications

ISBN: 9780132168380

12th Edition

Authors: Mark L. Berenson, David M. Levine, Timothy C. Krehbiel

Question Posted: