FICO (Fair, Isaac, and Company) credit rating scores of a simple random sample o

Question

FICO (Fair, Isaac, and Company) credit rating scores of a simple random sample of applicants for credit cards: 95% confidence: n = 50: x-bar = 677: and sigma = 68 Use the given information to find the minimum sample size required to estimate an unknown population mean (mu). How many adults must be randomly selected to estimate the mean FICO (credit rating) score of working adults in the United States? We want 95% confidence that the sample mean is within 3 points of the population mean, and the population standard deviation (sigma) is 68.

Explanation / Answer

Z0.05 = 1.96

sigma = 68

E = 3

N = (Z*sigma/E)^2

N = ((1.96 * 68)/3)^2

N = 1973.73

N = 1974

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