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A random sample of n = 121 sales invoices was taken from the very large population of such invoices, and the avergae value was found to be $47.50 with the sample standard deviation of  $7.50. Find out the 90% confidence interval for mean value of all invoices. Compare this interval with that obtained under the simplifying assumption that population standard deviation is equal to sample standard deviation.

Statistics and Probability, Statistics

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  • Reference No.:- M921218

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