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Question

The manager of a newly opened Target store wants to estimate the average expenditure of his customers. From a preselected sample, the standard deviation was determined to be $\$ 18$. The manager would like to construct the $95 \%$ confidence interval for the mean customer expenditure.

a. Find the appropriate sample size necessary to achieve a margin of error of $\$ 5$.

b. Find the appropriate sample size necessary to achieve a margin of error of $\$ 3$.

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 8If we look at the data given in a given exercise, we have the following:

- standard deviation for population is $\sigma=15$
- desired margin of error are $E=5$ or $E=3$
- $95\%$ confidence level

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