Question

An advertising agency wishes to estimate, with 99% confidence and to within $45, the mean amount small business owners would be willing to pay for a professionally produced web page for their businesses. Assuming a standard deviation of such amounts to be $250, the estimated minimum sample size needed to meet these criteria is about:__________

Answer 1

Answer:

b) 205

Explanation:

Option are "(a) 103 b) 205 c) 644 d) 97"

The estimated minimum sample size needed to meet these criteria is calculated below: n = (Z*σ/E)^2

n = (2.58 * 250 / 45)^2

n = (645 / 45)^2

n = (14.33)^2

n = 205.3489

n = 205