Question
A hardware store manager wants to estimate the average amount of purchases made at the store. The margin of error of the estimate should not
A hardware store manager wants to estimate the average amount of purchases made at the store. The margin of error of the estimate should not exceed $8 at the 95% confidence level. The manager does not know the standard deviation of the amounts, but he expects it to be about $50. How big should the sample be?
FR : un grant de quincaillerie veut estimer le montant moyen des achats faits au magasin. La marge d'erreur de l'estimation ne doit pas exceder 8$ avec un niveau de confiance de 95%. Le gerant ne connait pas l'ecart type des montants, mais il s'attend ce qu'il soit d'environ 50$. Quelle taille l'echantillon doit il avoir
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started