A statistician selected a sample of 16 accounts receivable a

A statistician selected a sample of 16 accounts receivable accounts and determined the mean of the sample to be $5,000 with a sample standard deviation of $400. He reported that the sample information indicated that the mean of the population ranges from $4,739.80 to $5,260.20. He neglected to report what confidence coefficient he had used. REQUIRED: Determine the confidence coefficient that was used. (Hint: Think of alpha and it’s relationship to the confidence coefficient.)

Solution