Applied Statistics in Business and Economics

5th Edition

ISBN: 9780077837303

Author: David Doane, Lori Seward Senior Instructor of Operations Management

Publisher: McGraw-Hill Education

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Chapter 8.8, Problem 42SE

For each level of precision, find the required sample size to estimate the mean starting salary for a new CPA with 95 percent confidence, assuming a population standard deviation of $7,500 (same as last year).

a. E = $2,000
b. E = $1,000
c. E = $500

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Chapter 8.7, Problem 41SE

Chapter 8.8, Problem 43SE

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Chapter 8 Solutions

Applied Statistics in Business and Economics

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For each level of precision, find the required sample size to estimate the mean starting salary for a new CPA with 95 percent confidence, assuming a population standard deviation of $7,500 (same as last year). a. E = $2,000 b. E = $1,000 c. E = $500

Solution Summary: The author calculates that the sample size to estimate the starting salary is 55. The confidence level is 95% with a population standard deviation of 7,500, and E is the maximum allowable margin of error.

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