One year ago a book store called A Likely Story expanded its stock to include children's books.
Question:
One year ago a book store called A Likely Story expanded its stock to include children's books. The owner of A Likely Story would like to know how many children's books are sold on average each day. He randomly selected 45 days from the past year and counted the number of books sold on those particular days. The sample average was found to be 28.3 books, with a standard deviation of 4.1.
(a) Construct and interpret a 99% confidence interval to estimate the population mean number of children's books sold per day at A Likely Story.
(b) Assuming a 99% level of confidence, what sample size would be required to achieve a margin of error of 0.5 for average number of books?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill