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 12 dollars.

**Question 1**. How large a sample should she take
to estimate the mean amount spent to within 6 dollars with 98%
confidence? (Round your answer up to the next largest integer).

Answer #1

Solution :

Given that,

standard deviation = =12

Margin of error = E = 6

At 98% confidence level the z is ,

= 1 - 98% = 1 - 0.98 = 0.02

/ 2 = 0.02/ 2 = 0.01

Z/2 = Z0.01 = 2.326 ( Using z table )

sample size = n = [Z/2* / E] 2

n = ( 2.326*12 /6 )2

n =21.6

Sample size = n =22

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 12 dollars.
Question 1. How large a sample should she take
to estimate the mean amount spent to within 5 dollars with 95%
confidence? (Round your answer up to the next largest integer).

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
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A marketing specialist wants to estimate the average amount
spent by visitors to an online retailers 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 5 dollars with 90%
confidence? (Round your answer up to the next largest integer).

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