An inventory has 21,384 items. It’s estimated standard deviation is $125. Calculate the sample size needed to estimate it total value with a precision of $200,000 at a 95% confidence interval.(plz mention formula)
Sample Size | 200,000 |
Sample Mean | 21384 |
Standard Deviation | 125.00 |
Confidence Coefficient | 0.95 |
Significant level | 0.05 |
Margin of error | 0.55 |
Point Estimate | 21384 |
Lower Limit | 21383.45 |
Upper Limit | 21384.55 |
procedure:
Refer formula in the column F
Significant level = 1-0.95 = 0.05
95% confidence interval
Lower limit = 21383.45
Upper limit = 21384.55
Get Answers For Free
Most questions answered within 1 hours.