Choosing the sample size
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A bank wants 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 mean with a 98% confidence level. The standard deviation is thought to be $500. How many card holders should be sampled, and if we decided it will cost us $5 per sample only planning to spend $10,000 on the sample. How many card holders should be sample to meet the original requirements of the sample then explain the trade-offs that will occur when they lower the sample to $10,000 to meet their budget?
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