If the bank wanted to examine a program similar to that of Exercise 14 and wanted a maximum error of estimation of 0.01 with a level of confidence of 95%, how large a sample should be taken? (Assume...

If the bank wanted to examine a program similar to that of Exercise 14 and wanted a maximum error of estimation of 0.01 with a level of confidence of 95%, how large a sample should be taken? (Assume that the standard deviation of the number of errors remains the same.)

Exercise 14

Another bank is experimenting with programs to direct bill companies for commercial loans. They are particularly interested in the number of errors of a billing program. To examine a particular program, a simulation of 1000 typical loans is run through the program. The simulation yielded a mean of 4.6 errors with a standard deviation of 0.5. Construct a 95% confidence interval on the true mean error rate.