A high-tech company wants to estimate the average number of years of college education its employees completed. A good estimate of the standard deviation for the number of years of college is 1.0. (need the process can be by hand ,Excel or R.) a) How large a sample must be to estimate µ within a maximum error of 0.5 of a year with 99% confidence? b) If the previous study found that the estimated average of years was 2.5 years, what is the confidence interval corresponding to 99% confidence, assuming normality?
A high-tech company wants to estimate the average number of years of college education its employees completed. A good estimate of the standard deviation for the number of years of college is 1.0. (need the process can be by hand ,Excel or R.) a) How large a sample must be to estimate µ within a maximum error of 0.5 of a year with 99% confidence? b) If the previous study found that the estimated average of years was 2.5 years, what is the confidence interval corresponding to 99% confidence, assuming normality?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A high-tech company wants to estimate the average number of years of college education its employees completed. A good estimate of the standard deviation for the number of years of college is 1.0.
(need the process can be by hand ,Excel or R.)
a) How large a sample must be to estimate µ within a maximum error of 0.5 of a year with 99% confidence?
b) If the previous study found that the estimated average of years was 2.5 years, what is the confidence interval corresponding to 99% confidence, assuming normality?
[Answers a) 27 b) 2.0054 ≤ µ ≤ 2.9946]
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