MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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You want to obtain a sample to estimate how much parents spend on their kids birthday parties. Based on previous study, you believe the population standard deviation is approximately σ=22.7σ=22.7 dollars. You would like to be 99% confident that your estimate is within 2 dollar(s) of average spending on the birthday parties. How many parents do you have to sample?
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Solution:
From the given information, confidence level is 0.99, σ=22.7 dollars and E=2.
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