Answered: You want to obtain a sample to estimate…

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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Question

You want to obtain a sample to estimate a population mean. Based on previous evidence, you believe the population standard deviation is approximately σ=65.5σ=65.5. You would like to be 90% confident that your estimate is within 1 of the true population mean. How large of a sample size is required?

Expert Solution

Step 1

Obtain the large sample size needed.

The large sample size needed is obtained below as follows:

Use EXCEL Procedure for finding the critical value of z.

Follow the instruction to obtain the critical value of z:

Open EXCEL
Go to Formula bar.
In formula bar enter the function as“=NORMINV”
Enter the probability as 0.95
Enter the mean as 0 and the Standard deviation as 1.
Click enter

EXCEL output:

From the EXCEL output, the critical value of z at the 90% confidence level is 1.645.

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