a. What is the planning value for the population standard deviation? population mean annual starting salary is desired. b. How large a sample should be taken if the desired margin of error is $300? Round your answers to next whole number. $2707 $140? c. Would you recommend trying to obtain the $140 margin of error? Explain. -Select your answer

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 1GP
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Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $80,000 and $45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired.
a. What is the planning value for the population standard deviation?
b. How large a sample should be taken if the desired margin of error is $3007 Round your answers to next whole number.
$270?
$1402
Would
you recommend trying to obtain the $140 margin of error? Explain.
C.
-Sclect your answer-
Transcribed Image Text:Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $80,000 and $45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. a. What is the planning value for the population standard deviation? b. How large a sample should be taken if the desired margin of error is $3007 Round your answers to next whole number. $270? $1402 Would you recommend trying to obtain the $140 margin of error? Explain. C. -Sclect your answer-
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