Use the given information to find the minimum sample size required to estimate an unknown population mean $\mu$
-Margin of error: $135, confidence level: 95%, $\sigma = \$ 500$
A) 37
B) 53
C) 46
D) 74

Question

Quizplus · Accepted Answer

The minimum sample size $ n $ can be calculated using the formula $ n = \left( \frac{Z \cdot \sigma}{E} \right)^2 $, where $ Z $ is the Z-score corresponding to the confidence level, $ \sigma $ is the population standard deviation, and $ E $ is the margin of error. For a 95% confidence level, $ Z \approx 1.96 $. Plugging in the values: $ n = \left( \frac{1.96 \cdot 500}{135} \right)^2 \approx 53 $.

Use the Given Information to Find the Minimum Sample Size μ\muμ

Use the Given Information to Find the Minimum Sample Size $\mu$