Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $50,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error.

1. For a margin of error of $400, the required sample size isn=
2. For a margin of error of $250, the required sample size isn=
3. For a margin of error of $120, the required sample size isn=
4. Would you recommend trying to obtain the $120 margin of error? Explain.
5. _________
6. Yes, it always better to be more accurate.
7. No, the sample size would probably be too time consuming and costly.