Sam bought an electric iron as a price of 25 less than the original price if the original price of it is $2500 at what price did
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If inspection department wants to estimate the mean amount with 95% confidence level with standard deviation 0.05 then it needed a sample size of 97.
Given 95% confidence level, standard deviation=0.05.
We know that margin of error is the range of values below and above the sample statistic in a confidence interval.
We assume that the values follow normal distribution. Normal distribution is a probability that is symmetric about the mean showing the data near the mean are more frequent in occurence than data far from mean.
We know that margin of error for a confidence interval is given by:
Me=
α=1-0.95=0.05
α/2=0.025
z with α/2=1.96 (using normal distribution table)
Solving for n using formula of margin of error.
n=
=96.4
By rounding off we will get 97.
Hence the sample size required will be 97.
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The given question is incomplete and the full question is as under:
If the inspection division of a county weights and measures department wants to estimate the mean amount of soft drink fill in 2 liters bottles to within (0.01 liter with 95% confidence and also assumes that standard deviation is 0.05 liter. What is the sample size needed?