Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the...

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Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. What is the planning value for the population standard deviation (to the nearest whole number)?

How large a sample should be taken if the desired margin of error is as shown below (to the nearest whole number)?

Answered Same DayDec 23, 2021

Answer To: Annual starting salaries for college graduates with degrees in business administration are generally...

Robert answered on Dec 23 2021

135 Votes

Question 1:
In general the difference between the largest and smallest values provides an estimate of the
range for the data. And if we devide the range by 4 we have a rough approximation of the
standard deviation and thus an acceptable planning value for .
So here,
Planning value of =...

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Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the...

Answer To: Annual starting salaries for college graduates with degrees in business administration are generally...

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