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How large a sample should be selected to provide a 95% confidence interval with a margin of error of 6? Assume that the population standard deviation is 20. Round your answer to next whole number.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

How large a sample should be selected to provide a 95% confidence interval with a margin of error of 6? Assume that the population standard deviation is 20. Round your answer to next whole number.

Expert Solution

Step 1

we have been given 95% confidence and a population standard deviation of 20 and we want to find n- sample size that will give us a margin of error 6 or close enough anyway. And first off, in order to do that, we need to find the pertinent Z value which is calculated using the following formulae :

$2 E2$

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