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An analyst from an energy research institute in California wishes to estimate the 99% confidence interval...

An analyst from an energy research institute in California wishes to estimate the 99% confidence interval for the average price of unleaded gasoline in the state. In particular, she does not want the sample mean to deviate from the population mean by more than $0.13. What is the minimum number of gas stations that she should include in her sample if she uses the standard deviation estimate of $0.35, as reported in the popular press? (You may find it useful to reference the z table. Round intermediate calculations to at least 4 decimal places and "z" value to 3 decimal places. Round up your answer to the nearest whole number.)

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Answer #1

We know that the 99% confidence interval for true mean is given by:

We want to find 'n' such that

which is the required minimum sample size.

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