wiley plus.com/edugen/student/mainfrunl ORION Assignment ignment BACK PRINTER VE
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wiley plus.com/edugen/student/mainfrunl ORION Assignment ignment BACK PRINTER VERSION Question 29 A bank officer wants to determine the amount of the average total monthly deposits per austomer at the bank. He believes an estimate of this average amount using a confidence interval is sufficient, How large a sample should he take to be within $200 of the actual average with 99% confidence? He assumes the standard deviation of total monthly deposits for all customers is about $1.000. (Round your answer up to the nearest integer) Question Attempts: 0 of 2 used SAVE FOR LATER DUOMITANSwER Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. Ai rights reserved. Polka I 2000-2016 sans uns. Aa Rights Reserved. A Division of lohn wley.A sons Inc. Version 4.17.3 MacBook AirExplanation / Answer
This is the exact answer USING TECHNOLOGY:
Note that
n = z(alpha/2)^2 s^2 / E^2
where
alpha/2 = (1 - confidence level)/2 = 0.005
Using a table/technology,
z(alpha/2) = 2.575829304
Also,
s = sample standard deviation = 1000
E = margin of error = 200
Thus,
n = 165.872415
Rounding up,
n = 166 [ANSWER]
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If you use tables, we round z to 2.58.
Note that
n = z(alpha/2)^2 s^2 / E^2
where
alpha/2 = (1 - confidence level)/2 = 0.005
Using a table/technology,
z(alpha/2) = 2.58
Also,
s = sample standard deviation = 1000
E = margin of error = 200
Thus,
n = 166.41
Rounding up,
n = 167 [ALTERNATIVE ANSWER, USING TABLES]
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