Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $35,000. 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. Starting Salary Desired margin of errorA. Lower 10000B. Upper 35000Desired Margin of errorA. 300B. 170C. 100

Question

Roger Blanchard

Mathematics

14 August, 15:30

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $35,000. 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. Starting Salary Desired margin of errorA. Lower 10000B. Upper 35000Desired Margin of errorA. 300B. 170C. 100

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Rubi Barton · Answer 1

a) n = 1667

b) n = 5192

c) n=1500

Step-by-step explanation:

c = 95%

Expected value = E. v = 300, 170, 100

R = 35000-10000=25000

σ = R / 4 = 25000 / 4 = 6250

For sample size

b = (zα/2 / 2σ / E) ^2

where 1-α = 0.95 and

zα/2 = 1.96

then putting values one by one of E we get

E. v = 300

n = 1667

E. v = 170

n=5192

E. v = 100

n = 1500

so for

a) n = 1667

b) n = 5192

c) n=1500