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Homework Help Forum: statistics
Posted by aaron need urgent help on Tuesday, October 20, 2009 at 12:44am.
please help me I've waited for hours
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
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- statistics - MathGuru, Thursday, October 22, 2009 at 9:57pm
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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