Use the given information to find the minimum sample size required to estimate an unknown population mean $\mu$
-Margin of error: $126, confidence level: 99%, $\sigma = \$ 512$
A) 63
B) 56
C) 45
D) 110

Question

Quizplus · Accepted Answer

The formula for the minimum sample size to estimate the population mean with a given margin of error and confidence level is:
n = (z^2 * σ^2) / E^2
where z is the z-score corresponding to the given confidence level, σ is the population standard deviation, and E is the margin of error.

Substituting the given values, we get:
n = (2.576^2 * 512^2) / 126^2
n ≈ 110

Therefore, the minimum sample size required is 110, and the correct answer is D.

Use the Given Information to Find the Minimum Sample Size μ\muμ

Use the Given Information to Find the Minimum Sample Size $\mu$