The Tyco Video Game Corporation finds that it is losing income because of slugs

Question

The Tyco Video Game Corporation finds that it is losing income because of slugs used in its video games. The machines must be adjusted to accept coins only if they fall within set limits. In order to set those limits, the mean weight of quarters in circulation must be estimated. A sample of quarters will be weighed in order to determine the mean. How many quarters must we randomly select and weigh if we want to be 95% confident that the sample mean is within 0.035 g of the true population mean for all quarters? Based on results from a sample of quarters, we can estimate the population standard deviation as 0.068 g.

Explanation / Answer

here margin of error E =0.035 and std deviaiton =0.068

for 95% confidence ; critical z =1.96

hence required sample size n=(Z*std deviaiton/E)2 =~15

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