SOLUTION: You want to obtain a sample to estimate how much parents spend on their kids Christmas presents. Based on previous study, you believe the population standard deviation is approxima
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Question 1192861: You want to obtain a sample to estimate how much parents spend on their kids Christmas presents. Based on previous study, you believe the population standard deviation is approximately sigma = 30 dollars. You would like to be 99% confident that your estimate is within 9.8 dollar(s) of average spending on the birthday parties. How many moms do you have to sample? Do not round mid-calculation.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
error=z(0.995)*sigma/sqrt(n)
9.8=2.5758*30/sqrt(n)
square both sides
96.04n=5966.77
n=62.127 or 63
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