Question

Annual starting salaries for college graduates with degrees in business administration are generally expected to be...

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $20,000 and $40,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error.

For a margin of error of ± $400, the required sample size is n =

For a margin of error of ± $230, the required sample size is n =

For a margin of error of ± $70, the required sample size is n =

Homework Answers

Answer #1

Sample size n = where

za/2 is the z-value at a/2 = 0.025 (since confidence level is 95%, a = 100%-95% = 5%; a/2 = 5%/2 = 2.5%)

Reading from the z-table, z0.025 = 1.96

= population standard deviation

E = |margin of error|

Here, since there is no population data from previous studies and no preliminary sample from which sample standard deviation can be calculated, it is best to use an approximate standard deviation calculated as range of the annual starting salary divided by 4, i.e. (40,000 - 20,000)/4 = 5,000

Using these data points, sample sizes can be calculated as:

Formula (za/2*σ/E)^2
Margin of error ('E) za/2 Standard deviation (σ) Sample size (n)
                             400                        1.96                                    5,000                                600
                             230                        1.96                                    5,000                             1,816
                                70                        1.96                                    5,000                          19,600
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $35,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error. Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
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. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error. For a margin of error of ± $400 , the required sample size is n =...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
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 is b.$500? c.$200? d.$100? e.Would you recommend trying to obtain the $100 margin of error? Explain.
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $41,000 and $55,200. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. (Round your answers up to the nearest whole number.) What is the planning value for the population standard deviation? (a) How large a sample should be taken if the desired margin of error is $600? (b) How large a sample should be taken if...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $32,000 and $50,600. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. (Round your answers up to the nearest whole number.) What is the planning value for the population standard deviation? (a) How large a sample should be taken if the desired margin of error is $500? (b) How large a sample should be taken if...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between 30,000 and 35,000. Assume that a  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 500? Round your answer to next whole number. 170? 110? c. Would you recommend trying to obtain the 110 margin...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $50,000 . 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 ? Round your answer to next whole number. _______ $270? _______ $80? _______ c. Would...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be...
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $10,000 and $50,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. How large a sample should be taken if the desired margin of error is: a. $300? Remove all commas from your answer before submitting. b. $170? Remove all commas from your answer before submitting. c. $70? Remove all commas from your answer before submitting....
You may need to use the appropriate appendix table or technology to answer this question. Annual...
You may need to use the appropriate appendix table or technology to answer this question. Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $41,000 and $59,600. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. (Round your answers up to the nearest whole number.) What is the planning value for the population standard deviation? (a) How large a sample should be taken if the...
An experiment is conducted to compare the starting salaries of male and female college graduates who...
An experiment is conducted to compare the starting salaries of male and female college graduates who find jobs. Pairs are formed by choosing a male and a female with the same major and similar grade point averages. Suppose a random sample of 10 pairs is formed in this manner and the starting annual salary of each person is recorded. The differences within the pairs are obtained by subtracting the female salary from the male salary. The following results are obtained:...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT