**Sample Size Determination for Estimating Parent Spending on Children's Birthday Parties**To determine how much parents typically spend on their children’s birthday parties, you are looking to conduct a survey. Prior research indicates that the standard deviation of spending is approximately $30. With a requirement of being 99% confident, your goal is to ensure that your estimate is accurate within a range of $3 of the actual average spending.**Problem Statement:**- **Objective:** Estimate the average spending with 99% confidence.- **Given Standard Deviation ($\sigma$):** $30- **Desired Margin of Error:** $3**Question:**- What sample size ($n$) is necessary to achieve this level of confidence and precision in your estimate of average spending?(Note: The image indicates a box to calculate the sample size, but it does not provide specific graphs or diagrams to elaborate on.)

Given,standard deviation(σ)=69.9margin of error(E)=3α=1-0.95=0.05α2=0.025Z0.025=1.96 (from Z-table)

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 o = 69.9 dollars. You would iike to be 95% confident that your estimate is within 3 dollar(s) of average spending on the birthday parties. How many parents do you have to sample?

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 o = 69.9 dollars. You would iike to be 95% confident that your estimate is within 3 dollar(s) of average spending on the birthday parties. How many parents do you have to sample?

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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