Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 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? How large a sample should be taken if the desired margin of error isb.$500? c.$200? d.$100? e.Would you recommend trying to obtain the $100 margin of error? Explain.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.