You want to obtain a sample to estimate how much parents spendstudy, you believe the population standard deviation is approximatelyconfident that your estimate is within 2 dollar(s) of average spendinghave to sample?on their kids birthday parties. Based onprevious20.9 dollars. You would like to be 95%on the birthday parties. How many parents do youHint: Video [+]п 3

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Asked Oct 9, 2019
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You want to obtain a sample to estimate how much parents spend
study, you believe the population standard deviation is approximately
confident that your estimate is within 2 dollar(s) of average spending
have to sample?
on their kids birthday parties. Based on
previous
20.9 dollars. You would like to be 95%
on the birthday parties. How many parents do you
Hint: Video [+]
п 3
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You want to obtain a sample to estimate how much parents spend study, you believe the population standard deviation is approximately confident that your estimate is within 2 dollar(s) of average spending have to sample? on their kids birthday parties. Based on previous 20.9 dollars. You would like to be 95% on the birthday parties. How many parents do you Hint: Video [+] п 3

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Expert Answer

Step 1

Given data

Standard deviation = 20.9

Confidence interval = 0.95

Significance level(α) = 1- 0.95 = ...

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Ζα Χ σ 2 E Vn Simplifying the above formula 2 Zo.05 X 20.9 2 2 Ζα Χ σ 2 -1.96 x 20.9 2 = 419.51 420 E 2 2 NORM.S.INV (0.025)) Zo.05 Zo.025 -1.96( From Excel

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