Question

A survey is planned to determine the mean annual family medical expenses of employees of a large company. The management of the company wishes to be 95% confident that the sample mean is correct to within ± $50 of the population mean annual family medical expenses. A previous study indicates that the standard deviation is approximately $ 400.
a. How large a sample is necessary?
b. If management wants to be correct to within ± $25, how many employees need to be selected?


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  • CreatedJuly 16, 2015
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