Asked by Annabel Marquez on Jul 19, 2024

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A CPA knows from past history that the average accounts receivable for a company is $521.72 with a standard deviation of $584.64.If the auditor takes a simple random sample of 100 accounts,what is the probability that the mean of the sample is within $120 of the population mean?

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Standard Deviation

A measure of dispersion in a set of values, indicating how much variation exists from the average.

Population Mean

The average of all values in a population, representing the central point of a data set.

  • Ascertain expected quantities and assess standard errors pertinent to sample means.
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Ellery DawsonJul 21, 2024
Final Answer :
0.9596