Assuming the standard deviation of the payment times for all payments
Question # 00493639
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Updated on: 03/02/2017 04:03 AM Due on: 03/02/2017
- The 4 part question is listed below. Other needed information is:
- Sample Mean= 18.11
- Sample size= 65
- Population Size= 7823
- Standard Deviation=4.2
- Assuming the standard deviation of the payment times for all payments is 4.2 days, construct a 95% confidence interval estimate to determine whether the new billing system was effective. State the interpretation of 95% confidence interval and state whether or not the billing system was effective.
- Using the 95% confidence interval, can we be 95% confident that µ ? 19.5 days?
- Using the 99% confidence interval, can we be 99% confident that µ ? 19.5 days?
- If the population mean payment time is 19.5 days, what is the probability of observing a sample mean payment time of 65 invoices less than or equal to 18.1077 days?
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Solution: Assuming the standard deviation of the payment times for all payments