A company that conducts surveys of current jobs for executives wants to estimate the average salary of an executive at a given level to within $2,000 with 95% confidence. From previous surveys it is known that the variance of executive salaries is about 40,000,000. What is the minimum required sample size?
Answer to relevant QuestionsFind the minimum required sample size for estimating the average return on real estate investments to within 0.5% per year with 95% confidence. The standard deviation of returns is believed to be 2% per year. Landings and takeoffs at Schiphol, Holland, per month are (in 1,000s) as follows: 26, 19, 27, 30, 18, 17, 21, 28, 18, 26, 19, 20, 23, 18, 25, 29, 30, 26, 24, 22, 31, 18, 30, 19 Assume a random sample of months. Give a 95% ...Sony's new optical disk system prototype tested and claimed to be able to record an average of 1.2 hours of high-definition TV. Assume n = 10 trials and σ = 0.2 hour. Give a 90% confidence interval. When NYSE, NASDAQ, and the British government bonds market were planning to change prices of shares and bonds from powers of 2, such as 1/2, 1/4, 1/8, 1/16, 1/32, to decimals (hence 1/32 = 0.03125), they decided to run a ...You take a random sample of 100 pins from the lot supplied by the vendor and test them. You find 8 of them defective. What is the 95% confidence interval for percentage defective in the lot?
Post your question