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Sagot :
Answer:
A sample size of 285 is needed.
Step-by-step explanation:
We have that to find our [tex]\alpha[/tex] level, that is the subtraction of 1 by the confidence interval divided by 2. So:
[tex]\alpha = \frac{1 - 0.95}{2} = 0.025[/tex]
Now, we have to find z in the Ztable as such z has a pvalue of [tex]1 - \alpha[/tex].
That is z with a pvalue of [tex]1 - 0.025 = 0.975[/tex], so Z = 1.96.
Now, find the margin of error M as such
[tex]M = z\frac{\sigma}{\sqrt{n}}[/tex]
In which [tex]\sigma[/tex] is the standard deviation of the population and n is the size of the sample.
Standard deviation is $4300
This means that [tex]\sigma = 4300[/tex]
What sample size do you need to have a margin of error equal to $500 with 95% confidence?
A sample size of n is needed. n is found when M = 500. So
[tex]M = z\frac{\sigma}{\sqrt{n}}[/tex]
[tex]500 = 1.96\frac{4300}{\sqrt{n}}[/tex]
[tex]500\sqrt{n} = 1.96*4300[/tex]
[tex]\sqrt{n} = \frac{1.96*4300}{500}[/tex]
[tex]n = 284.1[/tex]
Rounding up
A sample size of 285 is needed.
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