A government surveyconducted to estimate the meanprice of houses in a metropolitan area is designed to have a margin of error of $10,000. Pilot studies suggest that the population standard deviationis $70,000. Estimate the minimum sample size needed to estimate the population mean with the stated accuracy.
The solution provides step by step method for the calculation of sample size. Formula for the calculation and Interpretations of the results are also included. Interactive excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.