Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $45,000 and $60,000. 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? 3750 b. How large a sample should be taken if the desired margin of error is $500? Round your answers to next whole number. $200? $100? c. Would you recommend trying to obtain the $100 margin of error? Explain. No, the sample size would probably be too time consuming and costly.
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96 for a 95% confidence level) - \( \sigma \) = population standard deviation (given as 375) - \( E \) = desired margin of error Show more…
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