Question
Asked Mar 10, 2020
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Annual starting salaries for college graduates with degrees in
business administration are generally expected to be between $30,000 and
$45,000. 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?

How large a sample should be taken if the desired margin of error is
b.$500?

c.$200?

d.$100?

e.Would you recommend trying to obtain the $100 margin of error? Explain.

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Expert Answer

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Step 1

a.

 

From the given information, annual starting salaries are expected to be between $30,000 and $45,000.

 

Then, the planning value for the population standard deviation is

Probability homework question answer, step 1, image 1

Thus, the planning value for the population standard deviation is $3,750.

 

b.

 

From the given information,

Probability homework question answer, step 1, image 2

Then, the sample size for the margin of error $500 is

Probability homework question answer, step 1, image 3

Thus, the sample size for the margin of error $500 is 216.

Step 2

c.

 

The sample size for the margin of error $200 is

Probability homework question answer, step 2, image 1

Thus, the sample size for the margin of error $200 is 1351.

...

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