Use the given information to find the minimum sample size required to estimate an unknown population mean μ. How many business students must be randomly selected to estimate the mean monthly earnings of business students at one college? We want 95% confidence that the sample mean is within $140 of the population mean, and the population standard deviation is known to be $569.
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Step 1
We are given a 95% confidence level, which means that the level of significance (α) is 0.05. Since it's a two-tailed test, we divide α by 2, so α/2 = 0.025. Show more…
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Use the given information to find the minimum sample size required to estimate an unknown population mean. How many business students must be randomly selected to estimate the mean monthly earnings of business students at one college? We want 95% confidence that the sample mean is within $135 of the population mean, and the population standard deviation is known to be $538.
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Use the given information to find the minimum sample size required to estimate an unknown population mean μ. How many business students must be randomly selected to estimate the mean monthly earnings of business students at one college? We want 95% confidence that the sample mean is within $135 of the population mean, and the population standard deviation is known to be $538. Answer:
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