Asked by Angela
The population standard deviation is estimated to be $300. If a 98% confidence interval is used and an interval of +/-$75 is desired, how many cardholders should be sampled?
Answers
Answered by
PsyDAG
98% confidence interval = ± 2.33 Standard Error of the mean (SEm) = ± 75
SEm = SD/√(n-1)
(If n is large, do not need to subtract 1.)
I'll let you do the calculations.
SEm = SD/√(n-1)
(If n is large, do not need to subtract 1.)
I'll let you do the calculations.
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