Purchase Solution

Sample Size

Not what you're looking for?

Ask Custom Question

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?

Please include any charts or graphs necessary.

Purchase this Solution
Solution Summary

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.

Purchase this Solution
Free BrainMass Quizzes
Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

View More Free Quizzes
Related BrainMass Solutions

  • Margin of Error & Sample size

    Discuss the effect of margin of error on sample size. The sample size is given by . Hence as margin of error increases, the sample size decreases and vice-versa.

  • Sample size: Penny abolition

    Size 1233.727815 Result Sample Size Needed 1234 B)What is the minimum sample size needed assuming that no prior information is available?

  • Determining sample size when planning statistical study

    460795 Determining sample size when planning statistical study SAMPLE SIZE DETERMINATION Determining sample-size is important step when planning a statistical study. It is also quite a difficult task since many variables must be considered.

  • Confidence Interval & Sample Size

    Intermediate Calculations Z Value -1.959963985 Calculated Sample Size 928.7793771 Result Sample Size Needed 929 Hence the sample size required = 929 1(c)(ii) The sample size is given by where p is taken as 0.5 Sample Size

  • Calculations for Standard Error of the Mean

    In order to manipulate the standard error of the mean to be 15, we would: A. increase the sample size to 200 B. increase the sample size to 400 C. decrease the sample size to 50 D. decrease the sample size to 25.

  • Probability of Proportions

    Result Sample Size Needed 196 c.

  • Sample size from a survey of food costs per year

    for the calculation of sample size.

  • Sample Size

    for the calculation of sample size.

  • Sample Size of Study Incomes in a Region

    If the population standard deviation is known to be $5,000 what sample size would the economist need to use? Sample Size = 1000 Sample Size = 98 Sample Size = 9604 Sample Size = 6766 Please see attached file.

  • Statistics and Sample Size

    Most often, the sample size formula is used to compute the sample size needed for a specific business problem.

View More Related Solutions