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Sofia wants to determine the average household expenditure on lawn care products per year. She believes that the standard deviation is 19.2. She wants to be 95% confident. How many people does she need to ask for a margin of error of $2.50? Round the answer as you should for this type of problem.(Don't worry if Canvas adds extra zeros after the decimal.)

Sofia wants to determine the average household expenditure on lawn care products per year. She believes that the standard deviation is 19.2. She wants to be 95% confident. How many people does she need to ask for a margin of error of $2.50? Round the answer as you should for this type of problem.(Don't worry if Canvas adds extra zeros after the decimal.)

MATLAB: An Introduction with Applications
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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**Determining Sample Size for Average Household Expenditure on Lawn Care** Sofia is conducting a study to find out the average household expenditure on lawn care products per year. She has certain criteria for her research: - **Standard Deviation:** 19.2 - **Confidence Level:** 95% - **Desired Margin of Error:** $2.50 **Question:** How many people does she need to include in her sample to achieve a margin of error of $2.50? **Note:** Ensure to round the result appropriately for this type of problem. (Extra zeros added by Canvas after the decimal should not be a concern.)
Transcribed Image Text:**Determining Sample Size for Average Household Expenditure on Lawn Care** Sofia is conducting a study to find out the average household expenditure on lawn care products per year. She has certain criteria for her research: - **Standard Deviation:** 19.2 - **Confidence Level:** 95% - **Desired Margin of Error:** $2.50 **Question:** How many people does she need to include in her sample to achieve a margin of error of $2.50? **Note:** Ensure to round the result appropriately for this type of problem. (Extra zeros added by Canvas after the decimal should not be a concern.)
Expert Solution
Step 1: Given information-

Population standard deviation σ = 19.2

The confidence interval = 0.95

Significance level (α) = 1- 0.95 = 0.05

Error = $2.50

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