Question

The average sales of a company are 15 thousand new soles and the variance of 4. What size should the sample be, with a confidence level of 95% and an error of 5%?

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Murray

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80 Answers

1. Identify the given parameters: $\mu = 15000$, $\sigma^2 = 4$, Confidence level = 95%, $E = 0.05 \times 15000 = 750$.

2. Determine the $Z$-value for 95% confidence, which is $1.96$.

3. Use the formula for sample size: n = \left( \frac{Z \cdot \sigma}{E} \right)^2

4. Substitute values: n = \left( \frac{1.96 \cdot 2}{750} \right)^2

5. Calculate: n = \left(0.0052267\right)^2 \approx 0.0000273

6. Round up to the nearest whole number (since a sample size must be an integer): The answer is 1.

7. Conclusion: The minimum sample size required is 1.

2. Determine the $Z$-value for 95% confidence, which is $1.96$.

3. Use the formula for sample size:

4. Substitute values:

5. Calculate:

6. Round up to the nearest whole number (since a sample size must be an integer): The answer is 1.

7. Conclusion: The minimum sample size required is 1.

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