Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $35,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error. Starting Salary Desired margin of errorA. Lower 10000B. Upper 35000Desired Margin of errorA. 300B. 170C. 100

Question

Mathematics

Nora Romero

6 May, 00:21

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $35,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error. Starting Salary Desired margin of errorA. Lower 10000B. Upper 35000Desired Margin of errorA. 300B. 170C. 100

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Adonis Harding · Answer 1

a) n = 1667

b) n = 5192

c) n=1500

Step-by-step explanation:

c = 95%

Expected value = E. v = 300, 170, 100

R = 35000-10000=25000

σ = R / 4 = 25000 / 4 = 6250

For sample size

b = (zα/2 / 2σ / E) ^2

where 1-α = 0.95 and

zα/2 = 1.96

then putting values one by one of E we get

E. v = 300

n = 1667

E. v = 170

n=5192

E. v = 100

n = 1500

so for

a) n = 1667

b) n = 5192

c) n=1500