Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A survey is planned to determine the mean annual family medical expenses of employees of a large company. The management of the company wishes to

image text in transcribed
A survey is planned to determine the mean annual family medical expenses of employees of a large company. The management of the company wishes to be 95% confident that the sample mean is correct to within 1 $75 of the population mean annual family medical expenses. A previous study indicates that the standard deviation is approximately $452. a. How large a sample is necessary? b. If management wants to be correct to within + $20, how many employees need to be selected? Click here to view page 1 of the cumulative standardized normal distribution table Click here to view page 2 of the cumulative standardized normal distribution table a. How large a sample is necessary? n=(Round up to the nearest integer.) b. If management wants to be correct to within + $20, how many employees need to be selected? n=(Round up to the nearest integer.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Discrete Mathematics With Applications

Authors: Susanna S Epp, Robert Gatewood,

4th Edition

1133168663, 9781133168669

More Books

Students also viewed these Mathematics questions

Question

How does the use of embedded software provide good audit evidence?

Answered: 1 week ago

Question

1. Effort is important.

Answered: 1 week ago