Question
In: Statistics and Probability
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $50,000 . Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired.
a. What is the planning value for the population standard deviation?
= ________
b. How large a sample should be taken if the desired margin of error is $400? Round your answer to next whole number.
_________
Solutions
Expert Solution
Solution :
Given that,
a) Population standard deviation =
= high value - low value / 4 ( range rule
thumb )
Population standard deviation =
= 50000 - 10000 / 4 = 10000
b) Margin of error = E = 400
At 95% confidence level the z is,
= 1 - 95%
= 1 - 0.95 = 0.05
/2 = 0.025
Z/2 = Z0.025 =
1.96
sample size = n = [Z/2* / E] 2
n = [1.96 * 10000 / 400]2
Sample size = n = 2401
orchestra answered 2 years agoRelated Solutions
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