Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $40,000. 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?
o =
b. How large a sample should be taken if the desired margin of error is $400? Round
your answers to next whole number.
150
$270?
$100?
X
c. Would you recommend trying to obtain the $100 margin of error? Explain.
No, the sample size would probably be too time consuming and costly.
How would I work this out?