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Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000and$50,000. Assume that a95%confidence interval estimate of the
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000and$50,000. Assume that a95%confidence interval estimate of the population mean annual starting salary is desired.
a. What is the planning value for the population standard deviation?
b. How large a sample should be taken if the desired margin of error is $300? Round your answer to next whole number.
$250?
$70?
c. Would you recommend trying to obtain the $70 margin of error? Explain.
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