Text book – “Data Analysis & Decision Making with Microsoft® Excel, Rev 3e, S. Christian Albright, Wayne L.Winston, Christopher J. Zappe”
Chapter 9, Question 34
You are trying to estimate the average amount a family
spends on food during a year. In the past the standard
deviation of the amount a family has spent on food
during a year has been approximately $1000. If you
want to be 99% sure that you have estimated average
family food expenditures within $50, how many families
do you need to survey?
This solution helps with a question involving estimating an average amount a family spends on food during a year.