The Retail Advertising and Marketing Association would like to estimate the average amount of money that a person spends for Mother's Day with a 99% confidence interval and a margin of error within plus or minus $12. Assuming the standard deviation for spending on Mother's Day is $36, the required sample size is:
59
7
8
60
Refer Standard normal table/Z-table or use excel function "=NORM.S.INV((1-0.005))" to find the Z-value. |
Round the value to the nearest whole number.
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