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March 26, 2017

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The average price of a gallon of unleaded regular gasoline was reported to be $2.34 in northern Kentucky (The Cincinnati Enquirer, January 21, 2006). Use this price as the population mean, and assume the population standard deviation is $.20.


1) Calculate the sample size necessary to guarantee at least .95 probability that the sample mean is within $.03 of the population mean

  • statistics - ,

    Formula:

    n = [(z-value * sd)/E]^2

    z-value = 1.96
    sd = .20
    E = .03

    Plug the values into the formula and finish the calculation. Round your answer to the next highest whole number.

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