Question: Problem 4 (Based on Sampling Distribution, Estimation, Hypothesis Testing) Breezy Analytics has been hired investigate a set of issues, which will require collecting some sample

Problem 4 (Based on Sampling Distribution, Estimation, Hypothesis Testing) Breezy Analytics has been hired investigate a set of issues, which will require collecting some sample information. You have been asked to determine the sample size needed to tackle these issues. a. Sagicor Life Inc hires Breezy Analytics to help them estimate a 94% confidence interval for the average monthly insurance payment in Barbados. The population standard deviation is known to be $450. What sample size would be needed so the margin of error will be approximately $20? [3 marks] b. Members of the Accounting Association of Barbados are interested in attaining a 97% confidence interval for the proportion of all Barbadians who will pay their taxes on time. If they want the margin of error to be 0.04, what sample size would be needed? [3 marks] 5 of 5

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