An analyst for a financial investment firm recently went through the effort to determine the required sample size for estimating the mean number of transactions per year for the clients of his firm.
The calculations, which were based on a 95 percent confidence level and a margin of error of 3, gave a required sample size of 300. Given this information, the value used for the population standard deviation must have been about 26.5 transactions. Indicate whether the statement is true or false
Question 2
It is thought that the time between customer arrivals at a fast food business is exponentially distributed with equal to 5 customers per hour. Given this information, what is the mean time between arrivals?
A) 12 minutes
B) 5 minutes
C) 5 hours
D) 2 minutes
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