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How many people should the auditor has sought to survey

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Reference no: EM131815874

The auditor needs to provide a confidence interval for the mean outstanding balance for a company's clients. From past experience, the distribution of outstanding balances is known to have a variance of 25. Assuming the population distribution of outstanding balances is normal,

(a) Find the 90% confidence interval for the mean outstanding balance if the auditor's sample of 65 accounts produced a sample mean of $140? Do you need to assume normality for the population distribution to answer the question? Explain.

(b) Suppose that before the survey is undertaken, the auditor wants to ensure that the 95% confidence interval for the mean outstanding balance that ends up with a total width of no more than 0.5. How many people should the auditor has sought to survey?

Reference no: EM131815874

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