Use the given information to find the minimum sample size required to estimate an unknown population mean µ
-How many business students must be randomly selected to estimate the mean monthly earnings of business students at one college? We want 95% confidence that the sample mean is within $131 of the population mean, and the population standard deviation is known to be $529.
A) 44
B) 55
C) 63
D) 89

Question

Quizplus · Accepted Answer

The minimum sample size can be calculated using the formula n = (Z*σ/E)^2, where Z is the Z-score for 95% confidence (1.96), σ is the population standard deviation ($529), and E is the margin of error ($131). Plugging in these values gives n = (1.96*529/131)^2 ≈ 63.

Use the Given Information to Find the Minimum Sample Size