7.45 A research project for an insurance company wishes to investigate the mean value of the personal property held by urban apartment renters. A previous study suggested that the population standard deviation should be roughly $10,000. A 95% confidence interval with a width of $1,000 (a plus or minus of $500) is desired. How large a sample must be taken to obtain such a confidence interval?
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The solution provides step-by-step method for the calculation of sample size. Formula for the calculation and Interpretations of the results are also included.