A researcher wants to determine the sample size necessary to adequately conduct

Question

A researcher wants to determine the sample size necessary to adequately conduct a study to estimate the (population) mean charge per hour by attorneys. The researcher wishes the population mean to be within $25 (I.E. margin of error or tolerable error). The researcher estimate that the population hourly rates range from $175 to $550 and also plans to use a 99% level of confidence. How large a sample should the researcher take?

Ans: 93.24 ~ 94

Please provide clear and detailed steps to the solution

Explanation / Answer

Using the range rule the standard deviation is:

(maximum-minimum)/4

=(550-175)/4

=93.75

The sample size is:

(z(0.99)*sigma/Error)^2

=(2.58*93.75/25)^2

=93.605

or 94

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