In deciding whether to attend college, many students are influenced by an increa

Question

In deciding whether to attend college, many students are influenced by an increased earning potential that a college degree is likely to create. Recent data from a Labor Department shows that an average annual income of high-school graduates is 521, 650, whereas an average annual income of college graduates is $40, 230. Find a minimum required Sample size for estimating next year's aver aye annual income of college graduates lo within $1,000 with a 95% Confidence, if a Population Standard Deviation is estimated to be $30, 590. 3, 595 college graduates 2, 533 college graduates 5, 063 college graduates None of the above

Explanation / Answer

z- score for 95% confidence is z =1.96

N = (z * /E)^2 = (1.96 * 30590/1000)^2 = 3595

Option (A)

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