28. An online survey by ShareBuilder, a retirement plan provider, and Harris Interactive reported that 60% of
Question:
28. An online survey by ShareBuilder, a retirement plan provider, and Harris Interactive reported that 60% of female business owners are not confident they are saving enough for retirement (SmallBiz, Winter 2006). Suppose we would like to do a follow-up study to determine how much female business owners are saving each year toward retirement and want to use $100 as the desired margin of error for an interval estimate of the population mean. Use $1100 as a planning value for the standard deviation and recommend a sample size for each of the following situations.
a. A 90% confidence interval is desired for the mean amount saved.
b. A 95% confidence interval is desired for the mean amount saved.
c. A 99% confidence interval is desired for the mean amount saved.
Step by Step Answer:
Essentials Of Statistics For Business And Economics
ISBN: 9780324568608
5th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams