If I put 1500 into my savings account and earned $180.00 of interest at 4% simple interest, how long was my money in the bank?
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Answer:
We need a sample size of at least 75.
Step-by-step explanation:
We have that to find our level, that is the subtraction of 1 by the confidence interval divided by 2. So:
Now, we have to find z in the Ztable as such z has a pvalue of .
So it is z with a pvalue of , so
Now, we find the margin of error M as such
In which is the standard deviation of the population and n is the size of the sample.
The standard deviation is the square root of the variance. So:
With a .95 probability, the sample size that needs to be taken if the desired margin of error is 5 or less is
We need a sample size of at least n, in which n is found when M = 5. So
We need a sample size of at least 75.