Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $40,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error.

Question

Fiona Hendrix

Mathematics

19 July, 04:20

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $40,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error.

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Clay Dillon · Answer 1

For a margin of error of ± $400, the required sample size is n = 150.0625

For a margin of error of ± $210, the required sample size is n = 544.44

For a margin of error of ± $110, the required sample size is n = 1984.2975

Step-by-step explanation:

a) M. E = + 400, n=?

n = [1.96 * 2500 / 400] ^2 = 150.0625

b) m. E = 210

n = [1.96 * 2500/210]^2 = 544.44

c) M. E = 110

n = [1.96 * 2500 / 110] = 1984