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. The data below represents the amount of television watched per week (in hours) for 40 randomly selected teenagers.
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Step 1: Use the formula for the minimum sample size when the population standard deviation is known: n = (z_{α/2} * σ / E)^2. Show more…
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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 $140 of the population mean, and the population standard deviation is known to be $569.
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