Question: An online survey by ShareBuilder, a retirement plan provider, and Harris Interactive reported that 60% of female business owners are not confident they are saving

An online survey by ShareBuilder, a retirement plan provider, and Harris Interactive reported that 60% of female business owners are not confident they are saving enough for retirement (SmallBiz, winter 2006). Suppose we would like to do a follow-up study to determine how much female business owners are saving each year toward retirement and want to use $100 as the desired margin of error for an interval estimate of the population mean. Use $1,100 as a planning value for the standard deviation and recommend a sample size for each of the following situations.
a. A 90% confidence interval is desired for the mean amount saved.
b. A 95% confidence interval is desired for the mean amount saved.
c. A 99% confidence interval is desired for the mean amount saved.
d. When the desired margin of error is set, what happens to the sample size as the confidence level is increased? Would you recommend using a 99% confidence interval in this case? Discuss.

Step by Step Solution

★★★★★

3.36 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a b c d The sample size gets larger as the confidence is increased We would not ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

404-M-S-P-E (244).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

Car Rental Contract Terms Car type: Weekly rental car charge: Charge per mile: Executive Transport, Inc. Rental Car Cost Analysis As of June 30, 2016 Customer-related data Mid-size Number of weeks...

In constructing a confidence interval estimate of a population mean or testing a hypothesis about a population mean, why is the t distribution used so much more often than the normal distribution?

Suppose Golf Magazine would like to do an article comparing the driving distances of various golf balls. Eight golfers were asked to hit Top Flite, Pinnacle, and Titleist golf balls with their...

Find the function satisfying the differential equation y5y=6e8t and y(0)=5y(0)=5. y= ?

28. An online survey by ShareBuilder, a retirement plan provider, and Harris Interactive reported that 60% of female business owners are not confident they are saving enough for retirement (SmallBiz,...

Hello, I have the attached assignment due on 11/29. Could you help? TAX CONFUSION AND FORM 1040 TURMOIL It was the night of April 14 and Daniel was pacing furiously around the house muttering to...

CHAP TER 1 The Role of Human Resources HUMAN RESOURCE MANAGEMENT DAY TO DAY You have just been hired to work in the human resource department of a small company. You heard about the job through a...

Hello, Please see the attached assignment and let me know if you can help TAX CONFUSION AND FORM 1040 TURMOIL It was the night of April 14 and Daniel was pacing furiously around the house muttering...

Please Provide a 2 to 3 page article review for each, there attached on this question. Your discussion should include a brief summary (including the big ideas or major points of the article) along...

Your discussion should include a brief summary (including the big ideas or major points of the article) along with some synthesis of the ideas and some of your own thoughts. You should draw any...

hi, expert, thank you very much for your reply, i really want to paid more for your quality answer, but there is no money left from my bank card, that's the last amount i have, but this work is...

Review the analysis performed by K&K on the two product lines. K&K's management is debating the elimination of the manual line given that it is no longer profitable. Should K&K discontinue the...

BiBa Manufacturings charter authorized the company to issue an unlimited number of common shares and 750,000 preferred shares. The following transactions occurred during BiBas first year of business:...

1 Back to the Basics How relevant is data analytics to the cost accounting profession? Extremely relevant - cost accounting is data analytics. Not at all relevant - it's relevant in other areas of...

How does the expense warranty approach differ from the sales warranty approach?

Anheuser-Busch Companies, Inc., reported the following operating information for a recent year (in millions): Net sales $15,717.1 Cost of goods sold $10,165.0 Marketing and distribution 2,832.5...

Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders equity

The partner in charge of the Kappeler Corporation audit comes by your desk and leaves a letter he has started to the CEO and a copy of the cash flow statement for the year ended December 31, 2012....

Presented below and on the next page is the balance sheet of Rasheed Brothers Corporation (000s omitted). InstructionsEvaluate the balance sheet presented. State briefly the proper treatment of any...

List five forms of indirect compensation.

The total light beer sales in the United States is approximately three million gallons annually. With this large a market, breweries often need to know more about who is buying their product. The...

What race do you consider yourself (RACE)? 1. White 2. Black 3. Other Summarize the results using an appropriate graphical technique and interpret your findings.

Indicate your highest degree completed (DEGREE). 0. Left high school 1. Completed high school 2. Completed junior college 3. Completed bachelors degree 4. Completed graduate degree Use a graphical...

Company A, a British manufacturer, wishes to borrow U.S. dollars at a fixed rate of interest. Company B, a U.S. multinational, wishes to borrow sterling at a fixed rate of interest. They have been...

PLEASE HELP. NEED STANDARD DEVIATION AND THE AVERAGE REAL RETURN.

5. As Treasurer, you are responsible for ensuring adequate funding of trading activity. Therefore new deals require your approval before traders execute. Currently, you have funding capacity of S100...