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Sample Size

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You are to conduct a sample survey to determine the mean family income in a rural area of central Florida. The question is, how many families should be sampled? In a pilot sample of 10 families, the standard deviation of the sample was $500. The sponsor of the survey wants you to use the 95 percent confidence level. The estimate is to be within $100. How many families should be intervied and explain how you got to this conclusion.

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The solution explains the questions in a good amount of detail. It can be easily understood by anyone with a basic understanding of the concepts. Overall, a good response.

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Solution:

To find the sample size n, the formula is:

Where Z = 1.96 ...

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