Essay
An accountant reviewed a firm's billing for an entire year and computed an average bill of $125, with a standard deviation of $15. The firm's comptroller claims that a sample of 50 bills would have saved a lot of work and achieved the same result.
Is the sampling distribution of the sample mean approximately normal?
______________
What is the mean?
______________
What is the standard deviation?
______________
Is the comptroller's claim valid?
______________
Explain.
________________________________________________________
Correct Answer:
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Yes; 125; 2.12; Yes; In this case, 68.22...View Answer
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