Question: THE ANSWER SHOULD BE GIVEN IN AN EXCEL SHEET WITH ALL THE FORMULAS 6. Annual starting salaries for college graduates with degrees in business administration

THE ANSWER SHOULD BE GIVEN IN AN EXCEL SHEET WITH ALL THE FORMULAS

6. Annual starting salaries for college graduates with degrees in business administration are generally expected to be between INR 12 lakhs and INR 24 lakhs. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired.

a. What is the planning value for the population standard deviation?
How large a sample should be taken if the desired margin of error is
b. INR 50,000
c. INR 20,000
d. INR 10,000
e. Would you recommend trying to obtain a INR 10,000 margin of error? Explain

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