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Sears is in the process of hiring a new Manager for its Monmouth Mall store and...

Sears is in the process of hiring a new Manager for its Monmouth Mall store and they are trying to estimate the best annual healthcare premium. In a sample of 30 Managers, they found that the average yearly premium needed is $16,469 with a standard deviation of $2,000.

(a) What is the population mean? What is the best estimate of the population mean?

(b) Develop an 95% confidence interval for the population mean.

(c) Assuming a 99% level of confidence, how large of a sample is required with an acceptable error of $600?

Math   Statistics-And-Probability   
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