Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $20,000 and $45,000. 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. Open spreadsheet $400, the required sample size is n = a. For a margin of error of b. For a margin of error of $250, the required sample size is n = c. For a margin of error of $100, the required sample size is n = d. Would you recommend trying to obtain the $100 margin of error? Explain.
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $20,000 and $45,000. 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. Open spreadsheet $400, the required sample size is n = a. For a margin of error of b. For a margin of error of $250, the required sample size is n = c. For a margin of error of $100, the required sample size is n = d. Would you recommend trying to obtain the $100 margin of error? Explain.
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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![**Title: Determining Sample Size for Estimating Starting Salaries**
**Introduction:**
Annual starting salaries for college graduates with degrees in business administration are generally expected to range between $20,000 and $45,000. To estimate the population mean annual starting salary with a 95% confidence interval, construct a spreadsheet using Microsoft Excel. This will help determine the necessary sample size for each desired margin of error.
**Instructions:**
- **Open Spreadsheet**
- Use the provided link to access the Microsoft Excel Online file.
- **Sample Size Calculations:**
- **a.** For a margin of error of ± $400, determine the required sample size. Enter your answer in the space provided: n = [____]
- **b.** For a margin of error of ± $250, determine the required sample size. Enter your answer in the space provided: n = [____]
- **c.** For a margin of error of ± $100, determine the required sample size. Enter your answer in the space provided: n = [____]
- **Recommendation:**
- **d.** Decide whether attempting to obtain the $100 margin of error is advisable. Provide a full explanation.
**Conclusion:**
Use the completed spreadsheet to assess the practicality of achieving different margins of error and make informed decisions based on the required sample sizes.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F375a8daa-a061-40df-aa13-f324a3b06fab%2Fc117bf51-3373-45f4-814e-a1ff80efd383%2Fa7of7gc_processed.png&w=3840&q=75)
Transcribed Image Text:**Title: Determining Sample Size for Estimating Starting Salaries**
**Introduction:**
Annual starting salaries for college graduates with degrees in business administration are generally expected to range between $20,000 and $45,000. To estimate the population mean annual starting salary with a 95% confidence interval, construct a spreadsheet using Microsoft Excel. This will help determine the necessary sample size for each desired margin of error.
**Instructions:**
- **Open Spreadsheet**
- Use the provided link to access the Microsoft Excel Online file.
- **Sample Size Calculations:**
- **a.** For a margin of error of ± $400, determine the required sample size. Enter your answer in the space provided: n = [____]
- **b.** For a margin of error of ± $250, determine the required sample size. Enter your answer in the space provided: n = [____]
- **c.** For a margin of error of ± $100, determine the required sample size. Enter your answer in the space provided: n = [____]
- **Recommendation:**
- **d.** Decide whether attempting to obtain the $100 margin of error is advisable. Provide a full explanation.
**Conclusion:**
Use the completed spreadsheet to assess the practicality of achieving different margins of error and make informed decisions based on the required sample sizes.
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