SOLUTION: A magazine for young business executives plans to determine the mean annual income of its subscribers. For the result to be useful, it is believed that the probability that the s

Question 673756: A magazine for young business executives plans to determine the mean annual income of its subscribers. For the result to be useful, it is believed that the probability that the sample mean will differ by less than $5,000 from the population mean should equal 0.95. A rough estimate of the standard deviation of the annual income of the subscribers is $15,000. How large a sample should be drawn?

Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,



    sqrt(n) = 1.96�3

         n = 34.6 

  sample should be 35 

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