Annual starting salaries for college graduates with degrees in business administ

Question

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $40,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. How large a sample should be taken if the desired margin of error is:

a. $500?

b. $170?

c. $80?

d. Would you recommend trying to obtain the $80 margin of error? Explain.
- Select your answer -Yes, it always better to be more accurate.No, the sample size would probably be too time consuming and costly.

Explanation / Answer

here approximate std deviation =(range)/6 =(40000-10000)/6=5000

a)

b)

c)

No, the sample size would probably be too time consuming and costly.

(please revert for part a) if not correct try 865 and revert due to change in std deviation )

for 95 % CI value of z= 1.9600 standard deviation = 5000 margin of error E = 500 required sample size n=(z/E)2                                         = 385

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