An investor puts $500 in an account that pays 3% interest compounded annually. Find the account balance after 6 years.
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Answer:
The minimum sample size required to ensure that the estimate has an error of at most 0.14 at the 95% level of confidence is n=567.
Step-by-step explanation:
We have to calculate the minimum sample size n needed to have a margin of error below 0.14.
The critical value of z for a 95% confidence interval is z=1.96.
To do that, we use the margin of error formula in function of n:
The minimum sample size to have this margin of error is n = 567.