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?
$\sigma = 10000$
b. How large a sample should be taken if the desired margin of error is $300? Round your answer to next whole number.
$190?
$70?
c. Would you recommend trying to obtain the $70 margin of error? Explain.
- Select your answer -