Question

You are planning a survey of starting salaries for recent business major graduates from your college. From a pilot study you estimate that the standard deviation is about $9000. What sample size do you need to have a margin of error equal to $500 with 95% confidence?How do I calculate this using excel?

Answer 1

Answer:

1245

Step-by-step explanation:

-Given the standard deviation is $9000 and the margin of error is $500.

-the minimum sample size at a 95% confidence level can be calculated using the formula:

$n\geq( \frac{z\sigma}{MOE})^2\\\\\\\geq (\frac{1.96\times 9000}{500})^2\\\\\\\geq 1244.6784\approx 1245$

Hence, the minimum  sample size is 1245

*Since there's no data fromw which we are drawing our variables, we can manually input our parameters in excel and calculate as attached.