Tommy can exchange 9 euros for 11 1/4 dollars. At this rate,how many dollars can Tommy get with 12 euros?
1 answer:
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Answer:
A sample of 18 is required.
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 Z-table as such z has a p-value of .
That is z with a pvalue of , so Z = 1.88.
Now, 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.
A previous study indicated that the standard deviation was 2.2 days.
This means that
How large a sample must be selected if the company wants to be 92% confident that the true mean differs from the sample mean by no more than 1 day?
This is n for which M = 1. So
Rounding up:
A sample of 18 is required.