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    Finding the mean and the sample size

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    A bank wants to estimate the mean dollars that each credit card holder will spend each month. It would like to be within + or - $10 of the true mean with a 98% condfidence level. The standard deviation is $500. How many card holders should be sampled?

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    https://brainmass.com/statistics/quantative-analysis-of-data/finding-the-mean-and-the-sample-size-29403

    Solution Preview

    Since the population standard deviation is known, we use z value for calculation.
    The two-tailed 98% z value is z = 2.33
    Let N = sample size
    The confidence interval ...

    Solution Summary

    A bank wants to estimate the mean dollars that each credit card holder will spend each month. It would like to be within + or - $10 of the true mean with a 98% condfidence level. The standard deviation is $500. How many card holders should be sampled?

    $2.49

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