Please answer with clear instructions so that i can apply this to other questions.
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Answer:
2401
Step-by-step explanation:
Given that we want to estimate average income in a population.
The standard deviation of income in the population is $1,000
We want confidence interval around our estimate to be +/- $40
i.e Margin of error = 40
We know that margin of error = Std error * Z critical for 95%
i.e.
Std error =
Together we get