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You want to obtain a sample to estimate how much parents spend on their kids birthday parties. Based on previous study, you believe the population standard deviation is approximately σ=71.5σ=71.5 dollars. You would like to be 95% confident that your estimate is within 3 dollar(s) of average spending on the birthday parties. How many moms do you have to sample? n =

You want to obtain a sample to estimate how much parents spend on their kids birthday parties. Based on previous study, you believe the population standard deviation is approximately σ=71.5σ=71.5 dollars. You would like to be 95% confident that your estimate is within 3 dollar(s) of average spending on the birthday parties. How many moms do you have to sample? n =

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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You want to obtain a sample to estimate how much parents spend on their kids birthday parties. Based on previous study, you believe the population standard deviation is approximately σ=71.5σ=71.5 dollars. You would like to be 95% confident that your estimate is within 3 dollar(s) of average spending on the birthday parties. How many moms do you have to sample?

n = 

Expert Solution
Step 1

We have given that, 

Population standard deviation (σ) = 71.5

Margin of error (E) = 3

Confidence interval = 95% = 0.95

Then, 

Significance level (α) = 1-0.95  = 0.05

Then, 

We will find the required sample size (n) = ? 

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