Use the margin of error, confidence level, and standard deviation ? to find the minimum sample size required to estimate an unknown population mean µ
-Margin of error: $121, confidence level: 95%, $95 \% , \sigma = \$ 528$
A)2
B)4
C)64
D)74

Question

Quizplus · Accepted Answer

The minimum sample size required to estimate an unknown population mean µ can be calculated using the formula: $n = \left(\frac{Z \cdot \sigma}{E}\right)^2$, where $Z$ is the Z-score corresponding to the given confidence level, $\sigma$ is the standard deviation, and $E$ is the margin of error. For a 95% confidence level, the Z-score is approximately 1.96. Plugging in the given values: $n = \left(\frac{1.96 \cdot 528}{121}\right)^2 \approx 74$.

Use the Margin of Error, Confidence Level, and Standard Deviation 95%,σ=$52895 \% , \sigma = \$ 52895%,σ=$528

Use the Margin of Error, Confidence Level, and Standard Deviation $95 \% , \sigma = \$ 528$