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Audit: Find a 95% confidence interval for the total amount of receivables.

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4-12 An auditor of a small business has sampled 50 of 700 accounts. The sample mean total receivables is $453, and the standard deviation is $86. Find a 95% confidence interval for the total amount of receivables.

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This solution explains the 95% confidence interval for mean. A step-by-step explanation of this topic provides students with a basic understanding of a 95% confidence interval for mean.

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