You are to conduct a sample surveyto determine the meanfamily income in a rural area of central Florida. The question is, how many families should be sampled? In a pilot sample of 10 families, the standard deviationof the sample was $500. The sponsor of the survey wants you to use the 95 percent confidence level. The estimate is to be within $100. How many families should be intervied and explain how you got to this conclusion.
To find the sample size n, the formula is:
Where Z = 1.96 …
The solution explains the questions in a good amount of detail. It can be easily understood by anyone with a basic understanding of the concepts. Overall, a good response.