A clothing store has an inventory of 920 different items. In order to estimate the total dollar
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A clothing store has an inventory of 920 different items. In order to estimate the total dollar value of inventories, an auditor takes a simple random sample of the items. On the basis of last year’s data, the population standard deviation is estimated to be $97. The auditor would like to produce, for the population total, a 95 % confidence interval that extends $16.30 on each side of the sample estimate. How large a sample size is necessary to meet this requirement?
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Related Book For
Statistics For Business And Financial Economics
ISBN: 9781461458975
3rd Edition
Authors: Cheng Few Lee , John C Lee , Alice C Lee
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