Asked by ann
I need a estimate within $25, the true average of amount of postage a company spends each year. If I want to be 98% confident, how large a sample is necessary? The standard deviation is known to be $80
Answers
Answered by
Ash
Margin of Error=z*(s/sq.root n)
25=2.32635(80/sq.root n)
n= 55.4
Round UP= 56
25=2.32635(80/sq.root n)
n= 55.4
Round UP= 56
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