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A survey by the Arthur Andersen Enterprise Group/ National Small Business United attempted to determine what the leading challenges are for the growth and survival of small businesses. Although the economy and finding qualified workers were the leading challenges, several others were listed in the results of the study, including regulations, listed by 30% of the companies, and the tax burden, listed by 35%. Suppose that 71% of the companies listing regulations as a challenge listed the tax burden as a challenge. Assume these percentages hold for all small businesses. If a small business is randomly selected, determine the following probabilities:

a. The small business lists both the tax burden and regulations as a challenge.

b. The small business lists either the tax burden or regulations as a challenge.

c. The small business lists either the tax burden or regulations but not both as a challenge.

d. The small business lists regulations as a challenge given that it lists the tax burden as a challenge.

e. The small business does not list regulations as a challenge given that it lists the tax burden as a challenge.

f. The small business does not list regulations as a challenge given that it does not list the tax burden as a challenge.

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Rates of Returns of Stocks Stocks may be categorized by sectors. Go to the book’s website to obtain the data file 11_4_21 using the file format of your choice for the version of the text you are using. The data represent the one-year rate of return (in percent) for a sample of consumer cyclical stocks and industrial stocks for the period December 2013 through November 2014. Note: Consumer cyclical stocks include names such as Starbucks and Home Depot. Industrial stocks include names such as 3M and FedEx. In Section 11.3, we learned that industrial stocks appear to have a higher mean rate of return. Does this suggest that industrial stocks are riskier as measured by the standard deviation rate of return?

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Government Waste In a Gallup poll 513 national adults aged 18 years or older who consider themselves to be Republican were asked, “Of every tax dollar that goes to the federal government in Washington, D.C., how many cents of each dollar would you say are wasted?” The mean wasted was found to be 54 cents with a standard deviation of 2.9 cents. The same question was asked of 513 national adults aged 18 years or older who consider themselves to be Democrat. The mean wasted was found to be 41 cents with a standard deviation of 2.6 cents. Construct a 95% confidence interval for the mean difference in government waste, . Interpret the interval.

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Purchase Discounts Lost

Estimate the money that could be saved by the accounts payable and cash disbursements departments if a basic batch processing system were implemented. Assume that the clerical workers cost the firm $12 per hour that 13,000 vouchers are prepared, and that 5,000 checks are written per year. Assume that total cash disbursements to vendors amount to $5 million per year. Due to sloppy bookkeeping, the current system takes advantage of only about 25 percent of the discounts offered by vendors for timely payments. The average discount is 2 percent if payment is made within 10 days. Payments are currently made on about the 15th day after the invoice is received. Make your own assumptions (and state them) regarding how long specific tasks will take. Also discuss any intangible benefits of the system. (Don’t worry about excessive paper documentation costs.)

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