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Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $40,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Given the information in the Microsoft Excel Online file below, construct a spreadsheet to determine how large a sample should be taken for each desired margin of error.

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emaduet2012

Answer:

For a margin of error of ± $400 , the required sample size is n =  150.0625

For a margin of error of ± $210 , the required sample size is n = 544.44

For a margin of error of ± $110 , the required sample size is n = 1984.2975

Step-by-step explanation:

a) M. E = + 400, n= ?

n= [1.96 * 2500 /400] ^2 = 150.0625

b) m. E = 210

n= [1.96 * 2500/210]^2 = 544.44

c) M.E = 110

n= [1.96 * 2500 /110] = 1984

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