You have been hired as a consultant by a college foundation to conduct a survey

Question

You have been hired as a consultant by a college foundation to conduct a survey of graduates. The foundation wants to estimate the mean amount of all charitable contributions their graduates make annually. What is the minimum number of graduates that should be surveyed if the foundation wants to be 98% confident that the sample mean is within $50 of the actual population mean? (Based on results ofa pilot study, assume the true standard deviation of annual charitable contributions for all graduates is $337) 6.

Explanation / Answer

You have been hired as a consultant by a college foundation to conduct a survey of graduates. The foundation wants to estimate the mean amount of all charitable contributions their graduates make annually. What is the minimum number of graduates that should be surveyed if the foundation wants to be 98% confident that the sample mean is within $50 of the actual population mean? (Based on results ofa pilot study, assume the true standard deviation of annual charitable contributions for all graduates is $337) 6.

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