Question 240123: If you want to estimate the mean amount of money spent by car owners on their last car purchase, how many car owners must you survey if you want 95% confidence that your sample mean is in error by no more than $750?(Assume that the standard deviation of amounts spent on car purchases is 14, 227.)
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! If you want to estimate the mean amount of money spent by car owners on their last car purchase, how many car owners must you survey if you want 95% confidence that your sample mean is in error by no more than $750?(Assume that the standard deviation of amounts spent on car purchases is 14, 227.)
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n = [z*s/E]^2
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n = [1.96*14227/750]^2
n = 1383.34
Rounding up: n = 1384
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Cheers,
Stan H.
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