33118isprv-8drc-18qi-181806&ctql-08kdnb-0; (BUS-230-003) Elementary Statistics t

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33118isprv-8drc-18qi-181806&ctql-08kdnb-0; (BUS-230-003) Elementary Statistics t Quizzes Grades Classlist tion and Confidence Intervals ser Garima Singh: Attempt 1 Question 10(1 point) To conduct a research project on college student income, the number of students to sample needs to be calculated To estimate the population mean income, we decide to use a 99% level of confidence. The desired margin of error is +/- $200. The standard deviation from other studies of student income is $1,500 What sample size would your recommend? Express your solution rounded in the appropriate way. Your Answer

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99% CI has a Z value of 2.575

Margin of error, MOE = 200

The standard dev = 1500

Hence, sample size is n

So, MOE <= Z*Stdev/sqrt(N)

200 <= 2.575*1500/sqrt(n)

So, n>= (2.575*1500/200)^2 = 372.97

Sample size is 373

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