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Question:
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.
a. 195
b. 80
c. 82
d. 101
Answers:
Submitted: 1370 days ago
ANSWER: c. Sample Size = 82
Why??
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 [2300]
B = BOUND ON THE ERROR OF ESTIMATION [500]
Answer
1/1
M
1/1
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