Question

A group of investors wants to develop a chain of fast-food restaurants. In determining potential costs for each facility, they must consider, among other expenses, the average monthly electric bill. They decide to sample some fast-food restaurants currently operating to estimate the monthly cost of electricity. They want to be 90% confident of their results and want the error of the interval estimate to be no more than $100.They estimate that such bills range from $600 to $2,500. How large a sample should they take?



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  • CreatedFebruary 19, 2015
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