"The manager of a home improvement store wishes to estimate the mean amount of moneyspent in the store. The estimate is to be within $4.00 with a 95% level of confidence. Themanager does not know the standard deviation of the amounts spent. However, he doesestimate that the range is from $5.00 up to $155.00. How large of a sample is needed?" **Problem 9: Estimating the Mean Amount of Money Spent in a Home Improvement Store**The manager of a home improvement store aims to estimate the mean amount of money spent by customers in the store. The manager desires this estimate to be accurate within a margin of error of $4.00 at a 95% confidence level. However, the manager does not know the standard deviation of the amounts spent. He estimates that the spending range is from $5.00 to $155.00. The question posed is: "How large of a sample is needed to achieve this level of accuracy?"*Concepts to Consider:*- **Confidence Level:** The degree of certainty that the true mean lies within the confidence interval (95% in this case).- **Margin of Error:** The maximum allowable difference between the sample mean and the true population mean ($4.00).- **Range Estimate:** The difference between the highest and lowest values in the data ($155.00 - $5.00 = $150.00).- **Sample Size Calculation:** Considering the unknown standard deviation, an estimate derived from the range can be used.This text can be used in educational content to illustrate practical applications of confidence intervals and sample size determination in statistics.

From the provided information,Margin of error (E) = 4Confidence level = 95%Range is from $5 and…

"The manager of a home improvement store wishes to estimate the mean amount of money spent in the store. The estimate is to be within $4.00 with a 95% level of confidence. The manager does not know the standard deviation of the amounts spent. However, he does estimate that the range is from $5.00 up to $155.00. How large of a sample is needed?"

"The manager of a home improvement store wishes to estimate the mean amount of money spent in the store. The estimate is to be within $4.00 with a 95% level of confidence. The manager does not know the standard deviation of the amounts spent. However, he does estimate that the range is from $5.00 up to $155.00. How large of a sample is needed?"

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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