A consultant reviews a initial study on loan application processing time with an accuracy deviation ratio of 0.03 and a confidence interval of 99%. The sample mean is 6.6 minutes and a sample standard deviation of 2.3. Assume the maximum acceptable error to be 0.8. What should be the number of observations if a study to be conducted (don't round your answer).

a. 367.36

b. 734.56

c. 31.75

d. 55.02

e. 898.18