You want to obtain a sample to estimate a population mean. Based on previous evidence, you believe the population standard deviation is approximately σ = 56.5 . You would like to be 98% confident that your esimate is within 4 of the true population mean. How large of a sample size is required?
n =
Solution :
Given that,
standard deviation = =56.5
Margin of error = E = 4
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* 56.5 /4 )2
n =1079.43
Sample size = n =1079
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