SOLUTION: Your firm wants to investigate how much money the typical tourist will spend on their next visit to New York. How many tourists should be included in your sample if you want to be
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-> SOLUTION: Your firm wants to investigate how much money the typical tourist will spend on their next visit to New York. How many tourists should be included in your sample if you want to be
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Question 1056721: Your firm wants to investigate how much money the typical tourist will spend on their next visit to New York. How many tourists should be included in your sample if you want to be 99% confident that the sample mean is within $20 from the population mean? From previous studies, we know that the standard deviation is $59.
You can put this solution on YOUR website! It is 58, rounded from 57.74
The interval is z 0.995*sd/sqrt(n)=20
2.576*59=20*sqrt(n)
square both sides and then divide by 400, 20^2.
