An auditor, examining a total of 830 accounts receivable of a corporation, took a random sample of
Question:
An auditor, examining a total of 830 accounts receivable of a corporation, took a random sample of 80 of them. The sample mean was €129.19, and the sample standard deviation was €43.11.
a. Using an unbiased estimation procedure, find an estimate of the population mean.
b. Using an unbiased estimation procedure, find an estimate of the variance of the sample mean.
c. Find a 90% confidence interval for the population mean.
d. A statistician found, for the population mean, a confidence interval running from €117.43 to €137.43. What is the probability content of this interval?
e. Find a 95% confidence interval for the total amount of these 830 accounts.
Step by Step Answer:
Statistics For Business And Economics
ISBN: 9781292315034
9th Global Edition
Authors: Paul Newbold, William Carlson, Betty Thorne