A private medical clinic wants to estimate the true mean annual income of its patients.?
A private medical clinic wants to estimate the true mean annual income of its patients.? The clinic needs to be within $500 of the true mean. The clinic estimates that the true population standard deviation is around $2,300. If the confidence level is 95%, find the required sample size in order to meet the desired accuracy.
ANSWER: c. Sample Size = 82
CHOOSING CHOOSING THE SAMPLE SIZE
n = [(z-critical value * s)/B]^2
z-critical value = 1.96 (associated with 95% confidence level)
s = STANDARD DEVIATION 
B = BOUND ON THE ERROR OF ESTIMATION 
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