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 $30,000 and $50,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. How large a sample should be taken if the desired margin of error is:
a. $400? Remove all commas from your answer before submitting.
b. $230? Remove all commas from your answer before submitting.
c. $140? Remove all commas from your answer before submitting.
d. Would you recommend trying to obtain the $140 margin of error? Explain.
Solutions
Expert Solution
Answer:
Given that:
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $50,000
Standard deviation, 
For 95% CI z* = 1.96
Formula: Margin of error, E = (1.96 * (s/sqrt(N))
a) $400?
b) $230?
c) $140?
d) Would you recommend trying to obtain the $140 margin of error? Explain.
No, the sample size would probably be too time consuming and costly.
orchestra answered 1 year agoRelated Solutions
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