Question

Use the given information to find the minimum sample size required to estimate an unknown population mean μ.

How many business students must be randomly selected to estimate the mean monthly earnings of business students at one college? We want 95% confidence that the sample mean is within $131 of the population mean, and the population standard deviation is known to be $529.

Answer 1

solution:-

given that

standard deviation = 529 , margin of error E = 131

the value of 95% confidence from z table is 1.96

sample size formula

=> n = (z*standard deviation/margin of error)^2

=> n = (1.96*529/131)^2

=> n = 63