Question

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* =

Answer #1

Sample size n = where

z_{a/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, z_{0.025} = 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 |
(z_{a/2}*σ/E)^2 |
||

Margin of error ('E) |
z_{a/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 |

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 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 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 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 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 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 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 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 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 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

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 25 minutes ago

asked 27 minutes ago

asked 30 minutes ago

asked 34 minutes ago

asked 46 minutes ago

asked 55 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago