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Morgarella [4.7K]
3 years ago
8

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $43,

000 and $61,600. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. (Round your answers up to the nearest whole number.)
Business
1 answer:
Maksim231197 [3]3 years ago
4 0

Answer: 332

Explanation:

Lowest value = $43,000

Highest value = $61,600

Range = ( HV - LV ) / 4

= ( $61,600 - $43,000 ) / 4

= $4650

Where p = $4650

Required sample size (n)

n = ( Za /2 × P/E )²........... equation 1

Using 95% confidence level

Za/2 = Z 1 - 0.95

= Z0.025

= 1.96 using Z-table

Substituting Z into equation 1

n = ( 1.96 × 4650/500 )²

= ( 1.96 × 9.3 )²

= 332.25

To the nearest whole number

= 332

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