Short Answer
The accounting firm of Nancy Ahmadi & Associates (NAA) was commissioned to audit a population of 500 accounts. For this audit, NAA selected a simple random sample of 64 accounts. The sample showed an average discrepancy of $120 with a standard deviation of $24.
a.Estimate the population total discrepancy.
b.Develop an approximate 95% confidence interval for the population total discrepancy.
Correct Answer:
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a.$60,000
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