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labwork [276]
3 years ago
11

Your firm wants to investigate how much money the typical tourist will spend on their next visit to New York. How many tourists

should be included in your sample if you want to be 90% confident that the sample mean is within $17 from the population mean? From previous studies, we know that the standard deviation is $70.
Mathematics
2 answers:
snow_lady [41]3 years ago
8 0

Answer:  46

Step-by-step explanation:

Given : Margin of error : E= 17

Standard deviation : \sigma=70

Critical value for 90% confidence level :z_{\alpha/2}=1.645

Formula to find sample size is given by :-

n=(\dfrac{z_{\alpha/2}\times \sigma}{E})^2

i.e. n=(\dfrac{(1.645)\times 70}{17})^2

\Rightarrow\ n=45.880700692\approx46

Hence, the required minimum sample size = 46.

Alecsey [184]3 years ago
8 0

Answer:

46

Step-by-step explanation:

Your firm wants to investigate how much money the typical tourist will spend on their next visit to New York. Therefore, 46 tourists should be included in your sample if you want to be 90% confident that the sample mean is within $17 from the population mean. From previous studies, we know that the standard deviation is $70.

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