Question: How large a sample size is needed to estimate the mean annual income of Native Americans correct to within $1000 with probability 0.99? There is
How large a sample size is needed to estimate the mean annual income of Native Americans correct to within $1000 with probability 0.99? There is no prior information about the standard deviation of annual income of Native Americans, but we guess that about 95% of their incomes are between $5000 and $65,000 and that this distribution of incomes is skewed but approximately bell shaped.
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