A private energy supplier wants to estimate the monthly electricity utilization bill of a household in metro

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A private energy supplier wants to estimate the monthly electricity utilization bill of a household in metro cities. Based on the reports published by the other suppliers, the standard deviation was found to be $20. The company wants to estimate the average monthly bill with 95% confidence level, assuming the maximum acceptable variation of $5.

a. Determine the sample size the company should be studying.

b. Will the sample size change if confidence level changes to 99%?

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