Posted by Lorie on Thursday, October 13, 2011 at 1:49pm.
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.

Statistics  MathGuru, Friday, October 14, 2011 at 6:09pm
Formula:
n = [(zvalue * sd)/E]^2
...where n = sample size, zvalue will be 1.96 for 95% interval, sd = 2300, E = 500, ^2 means squared, and * means to multiply.
Plug the values into the formula and finish the calculation. Round your answer to the next highest whole number.

Statistics  missy, Sunday, August 26, 2012 at 1:42pm
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