SOLUTION: Annual starting salaries for college graduates with business administration degrees are believed to have a standard deviation of approximately $2000. Assume that a 95% confidence

Question 433400: Annual starting salaries for college graduates with business administration degrees are believed to have a standard deviation of approximately $2000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. How large a sample should be taken if the desired margin of error is
(a.) $500 ___________
(b.) $200 ___________
(c.) $100 ___________

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Annual starting salaries for college graduates with business administration degrees are believed to have a standard deviation of approximately $2000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. How large a sample should be taken if the desired margin of error is
(a.) $500 ___________
(b.) $200 ___________
(c.) $100 ___________
----------------
n = [zs/E]^2
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a) n = [1.96*2000/500]^2 = 7.84^2 = 62 when rounded up
----
b) n = [1.96*2000/200]^2 = 19.6^2 = 385 when rounded up
---
c) n = [1.96*2000/100]^2 = 39.2^2 = 1537 when rounded up

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Cheers,
Stan H.
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