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WMB is a car manufacturer. The company is trying to estimate the cost of building a particular car part. Specically, the company:r would like to

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WMB is a car manufacturer. The company is trying to estimate the cost of building a particular car part. Specically, the company:r would like to construct a 95% condence interval for the mean cost of building this part. For the purposes of constructing the interval, the companyI is assuming a particular value for the population standard deviation in this cost. You were dozing in the meeting and so you didn't hear what this assumed value for the population standard deviation is. However, you did hear thefollowing information: If the margin of error on the condence interval is to be $3.48, then a sample size of 155 items is required to construct an interval this precise. You also remember hearing the boss say that the company could easily afford to collect a sample this large. In fact, in the interests of getting a more precise estimate, the company can afford an even larger sample. A quick decision was made to shrink the margin of error to $2.98. However all other parameters of the situation are to remain the same. Based on this information, calculate the required sample size to construct a condence interval with this smaller margin of error. Round your answer up to the nearest whole number. Required sample size = |:l

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