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Sample size

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Piggybank would like to examine the required sample size needed to be able to estimate the mean dollars that each card holder will spend each month. it would like to be within plus or minus $10 of the true means with a 98% confidence level. the standard deviation is thought to be $500. how many card holders should be sampled?

After you've determined how many card holders should be sampled, piggybank comes back and says that it will cost $5 per sample and they were only planning on spending $10,000 on the sample. in a memo to the piggybank product development team indicate how many card holders should be sampled to meet the orginal requirements of the sample.then explain the tradeoffs that will occur when you lower the sample to $10,000 to meet their budget.

NOTE: determine the required sample size for estimating a single population mean.

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