Which data set has the largest range? A. 55, 57, 59, 60, 61, 49, 48 B. 21, 25, 14, 16, 29, 22, 20 C. 12, 15, 16, 19, 18, 15, 27
2 answers:
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Answer:
a) Margin of error = 166.311
b) sample size ≥ 62
Step-by-step explanation:
Given:
Average cost = $1599
Sample size = 50 persons
Standard deviation = $600
Confidence level is 95%
a) Margin of error =
Now for confidence level of 95% z-value = 1.96
Thus,
Margin of error =
or
Margin of error = 166.311
b) For Margin of error ≤ 150
≤ 150
or
≤ 150
or
≤ √n
or
√n ≥ 7.84
or
n ≥ 61.4656
Therefore,
sample size ≥ 62