Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $20,000 and $40,000. Assume that a 95% 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 $500? Round your answers to next whole number. $150?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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ISBN:9780079039897
Author:Carter
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Chapter10: Statistics
Section10.3: Measures Of Spread
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Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $20,000
and $40,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired.
a. What is the planning value for the population standard deviation?
0 =
b. How large a sample should be taken if the desired margin of error is $500? Round your answers to next whole number.
$150?
$130?
c. Would you recommend trying to obtain the $130 margin of error? Explain.
- Select your answer -
Transcribed Image Text:Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $20,000 and $40,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. a. What is the planning value for the population standard deviation? 0 = b. How large a sample should be taken if the desired margin of error is $500? Round your answers to next whole number. $150? $130? c. Would you recommend trying to obtain the $130 margin of error? Explain. - Select your answer -
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