SOLUTION: tate cooperative department is performing a survey to determine the annual salary earned by the managers numbering 3000 in the cooperative sector within the state. how large a samp

Algebra ->  Probability-and-statistics -> SOLUTION: tate cooperative department is performing a survey to determine the annual salary earned by the managers numbering 3000 in the cooperative sector within the state. how large a samp      Log On


   

Question 1197514: tate cooperative department is performing a survey to determine the annual salary earned by the managers numbering 3000 in the cooperative sector within the state. how large a sample size it should take in order to estimate the mean annual earnings within plus and minus 1000 and at 95 % confidence level the standard deviation of annual earning of the entire population is known to be 3000
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

Hi  
 95% confident  ⇒  z = 1.96 (See below)
σ  = 3000,   ME = 1000
How large of a sample size is required? ME large ⇒ expect small sample size
ME+=+z%2Asigma%2Fsqrt%28n%29
0r
n = %28+z%2Asigma%2FME%29%5E2
n = %28%281.96%2A3000%29%2F1000%29%5E2+%29%29 = 34.5744  0r sample Size = 35 (always round Up)

 = CI	z = value
90%	z =1.645    
92%	z = 1.751
95%	z = 1.96   Invnorm(.975)  2-sided (.95 + .05/2 = .975 )
98%	z = 2.326  
99%	z = 2.576
Wish You the Best in your Studies.