30. Sample Size Using Range Rule of Thumb You want to estimate the mean amount of...

 

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30. Sample Size Using Range Rule of Thumb You want to estimate the mean amount of annual tuition being paid by current full-time college students in the United States the rule of thumb to make a rough estimate of the standard deviation of First use range the amounts spent. It is reasonable to assume that tuition amounts range from $0 to abour $45,000. Then use that estimated standard deviation to determine the sample size cor- responding to 99% confidence and a $100 margin of error. Does the resulting sample size seem practical? 30. Sample Size Using Range Rule of Thumb You want to estimate the mean amount of annual tuition being paid by current full-time college students in the United States the rule of thumb to make a rough estimate of the standard deviation of First use range the amounts spent. It is reasonable to assume that tuition amounts range from $0 to abour $45,000. Then use that estimated standard deviation to determine the sample size cor- responding to 99% confidence and a $100 margin of error. Does the resulting sample size seem practical?

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Solution By using range rule of thumb s Maximum Minimum4 45000... View the full answer