### Sampling for Average Spending on Kids' Birthday PartiesYou aim to collect a sample to determine the expenditure parents incur on their kids' birthday parties. Previous research indicates that the population standard deviation (σ) is approximately 22.7 dollars. You wish to achieve a 95% confidence level that your estimate is within 2 dollars of the true average spending on these birthday parties. The question posed is: **How many parents do you need to sample?**To assist you, a **Video** [resource] has been provided.There is a placeholder for you to compute and input the required sample size:\[ n = \_\_\_\_\_ \]#### Explanation:1. **Standard Deviation (σ)**: This is given as 22.7 dollars.2. **Margin of Error (E)**: You want your estimate to be within 2 dollars.3. **Confidence Level**: You need to be 95% confident in your estimate.Using the formula for sample size:\[ n = \left( \frac{Z \cdot \sigma}{E} \right)^2 \]where \( Z \) is the Z-value corresponding to the desired confidence level.This setup ensures your educational understanding of statistical sampling, margin of error, and confidence interval in estimating means.### Tip:Use the **provided hint link** (Video [resource]) to get a step-by-step guide on how to calculate the required sample size.

From the provided information, Population standard deviation (σ) = 22.7 Margin of error (E) = 2…

Answered: You want to obtain a sample to estimate…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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