1. We want to estimate the mean salary in Minnesota. How many jobs must be randomly selected for their respective mean salaries if we want 95% confidence that the sample mean is within $126 of the population mean and = $1150.

Is the current sample size of the data set in our excel document of 364 large enough? Explain.

Following is the equation that I have - is it accurate?

To calculate the required sample size for a specific margin of error and population standard deviation, use the following formula.

To solve the problem we need to find N.We know the Z-score (95% confidence level) by using the Z-Score Chart (1.96).We know the sigma = $1,150 and the Margin of Error E = $126.

To calculate, use Excel and enter (196*1150/126)^2