Use the given information to find the minimum sample size required to estimate an unknown population mean µ.
-How many weeks of data must be randomly sampled to estimate the mean weekly sales of a new line of athletic footwear? We want 99% confidence that the sample mean is within $200 of the population mean, and the population standard deviation is known to be $1400.
A) 325
B) 189
C) 133
D) 267

Question

Quizplus · Accepted Answer

The formula for the sample size is n = (Z^2 * σ^2) / E^2, where Z is the z-score for the desired confidence level, σ is the population standard deviation, and E is the margin of error. Plugging in the given values, we get n = (2.576^2 * 1400^2) / 200^2 = 324.67. Rounding up to the nearest whole number, we get a sample size of 325.

Use the Given Information to Find the Minimum Sample Size