Statistics

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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 -

    Formula:
    n = [(z-value * sd)/E]^2
    ...where n = sample size, z-value 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 -

    82

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