Sample size Determination - standard deviation
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27. Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. What is the planning value for the population standard deviation? How large a sample should be taken if the desired margin of error is
a. $500?
b. $200?
c. $100?
d. Would you recommend trying to obtain the $100 margin or error?
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Solution Summary
The solution illustrates the method of determination of Sample size.
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The planning value for the population standard deviation is given by,
= (45000 – 30000)/4 = 3750.
We have, the sample size formula,
.
For 95% confidence level, = 1.96.
a) The ...
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