Let's say that a consumer group wants to estimate what the mean of the electric bill for the month of July is for a single family homes in a big city. According to studies conducted in other cities, the standard deviation is said to be twenty five dollars. The group wants to estimate, with a 99% confidence. The mean bill for July to within ±5.00, then what sample size is needed?

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
icon
Related questions
icon
Concept explainers
Topic Video
Question

Let's say that a consumer group wants to estimate what the mean of the electric bill for the month of July is for a single family homes in a big city. According to studies conducted in other cities, the standard deviation is said to be twenty five dollars. The group wants to estimate, with a 99% confidence. The mean bill for July to within ±5.00, then what sample size is needed? 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.
Recommended textbooks for you
A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability
A First Course in Probability
Probability
ISBN:
9780321794772
Author:
Sheldon Ross
Publisher:
PEARSON