How long take to estimate entries having errors

Reference no: EM13119184

An accounting firm is hired to check the sales entries of a large corporation and their goal is to certify that less than 5% of the entries have errors. there are around i million entreis for them to check and it usually takes around 10 mnutes for them to check a single entry. How long would it take to compute the % of entries having errors if they check all million entries? How long would it take to estimate the % of entries having errors using a random sample big enough to get a margin of error less than 2%?

Reference no: EM13119184

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