Because of the very huge sample size, we do not advise attempting to acquire the $100 margin of error.
The annual starting salaries for college graduates with degrees are between $30,000 and $45,000.
The confidence interval is 95%.
The planning value of the population standard deviation is expressed as:
= ( 45000 - 30000 ) / 4
= 15000/4
= 3750
And, 95% confidence interval a is 0.05.
Using the standard normal table,
Z(0.025) = 1.96
(a) For error E = $500,
n = ( Z × S/E )²
n = ( 1.96 × 3750/500)²
n = 216.09 = 217
(b) For error E = $200,
n = ( Z × S/E )²
n = ( 1.96 × 3750/200)²
n = 1351
(c) For error E = $100
n = ( Z × S/E )²
n = ( 1.96 × 3750/100)²
n = 5403
Therefore, Due to the sample size being too huge, we do not advise attempting to achieve the $100 margin of error.
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