Question

A marketing specialist wants to estimate the average amount spent by visitors to an online retailer's newly-designed website. From the data in a preliminary study she guesses that the standard deviation of the amount spent is about 14 dollars.

**Question 1**. How large a sample should she take
to estimate the mean amount spent to within 6 dollars with 95%
confidence? (Round your answer up to the next largest integer).

Answer #1

Given ME = 6, = 14, = 0.05

The Zcritical at = 0.05 is 1.96

The ME is given by :

Squaring both sides we get: (ME)^{2} = (Z
critical)^{2} *
^{2} / n

Therefore n = (Zcritical *
/ ME)^{2} = (1.96 * 14 / 6)^{2} = 20.92

Therefore n = **21** (Taking it
to the next whole number)

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