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In order to update its export policy, a Colombian company needs new information on the US sales of its suntan and sun protection lotions, products made with ingredients that issue from organic farming. The marketing manager disposes of a sample of 45 values collected over the past 30 months. The sample’s mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a. Using this sample, determine a 95% and a 90% confidence interval for the mean US sales. What is the required sample size, if you want the error in your estimate to be at most $900, with a level of confidence of 95%

In order to update its export policy, a Colombian company needs new information on the US sales of its suntan and sun protection lotions, products made with ingredients that issue from organic farming. The marketing manager disposes of a sample of 45 values collected over the past 30 months. The sample’s mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a. Using this sample, determine a 95% and a 90% confidence interval for the mean US sales. What is the required sample size, if you want the error in your estimate to be at most $900, with a level of confidence of 95%

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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  1. In order to update its export policy, a Colombian company needs new information on the US sales of its suntan and sun protection lotions, products made with ingredients that issue from organic farming. The marketing manager disposes of a sample of 45 values collected over the past 30 months. The sample’s mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a. Using this sample, determine a 95% and a 90% confidence interval for the mean US sales.
  2. What is the required sample size, if you want the error in your estimate to be at most $900, with a level of confidence of 95%?
3. In order to update its export policy, a Colombian company needs new information on the US sales of its suntan and sun protection lotions, products made with ingredients that issue from organic farming. The marketing manager disposes of a sample of 45 values collected over the past 30 months. The sample's mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a. Using this sample, determine a 95% and a 90% confidence interval for the mean US sales. b. What is the required sample size, if you want the error in your estimate to be at most $900, with a level of confidence of 95%?
Transcribed Image Text:3. In order to update its export policy, a Colombian company needs new information on the US sales of its suntan and sun protection lotions, products made with ingredients that issue from organic farming. The marketing manager disposes of a sample of 45 values collected over the past 30 months. The sample's mean is $58,249. The statistics of the past 20 years show a standard deviation of $3,851. a. Using this sample, determine a 95% and a 90% confidence interval for the mean US sales. b. What is the required sample size, if you want the error in your estimate to be at most $900, with a level of confidence of 95%?
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