# Question: In a sample survey of 68 high tech companies Culpepper and

In a sample survey of 68 high-tech companies, Culpepper and Associates reported that the average training budget per employee for companies in the sample was $894. If the sample was selected from a population of 1320 companies, and the standard deviation for the sample was $446,

a. Estimate the average training budget per employee for the population of high-tech firms represented here, using a 95% confidence interval.

b. Suppose you wanted to reduce the margin of error for the interval you produced in part a to $20, without sacrificing confidence. How big a sample size would you recommend?

c. For the situation described in part b, suppose the size of the population is actually 5463 companies, rather than 1320. Recommend the appropriate sample size.

a. Estimate the average training budget per employee for the population of high-tech firms represented here, using a 95% confidence interval.

b. Suppose you wanted to reduce the margin of error for the interval you produced in part a to $20, without sacrificing confidence. How big a sample size would you recommend?

c. For the situation described in part b, suppose the size of the population is actually 5463 companies, rather than 1320. Recommend the appropriate sample size.

**View Solution:**## Answer to relevant Questions

The table shows the names of the sales staff at Richards & Jacobs Securities, together with the number of major accounts that each one services: a. Using sampling without replacement, show all four possible samples of size ...For the list of possible sample means that you produced in Exercise 53. a. Once again show the table and the bar chart for the sampling distribution and comment on the shape of the distribution. b. Show that the mean of ...Refer to Exercise 98. Assume the calorie data were produced from two independent samples rather than from matched samples. Use the independent samples approach to produce a 90% confidence interval estimate of the average ...Interpret the intervals you constructed in Exercise 14. In exercise In the 2011 CFO Outlook survey done by Bank of America, 801 CFOs (chief financial officers) of American manufacturing and services companies were randomly ...You plan to build a 99% confidence interval estimate of a population proportion. You want the interval to be no wider than + .05. You have no information about the value of. a. How big a sample would be appropriate? b. ...Post your question