It is calculated that, in order to estimate the true mean amount of money spent on textbooks this semester by U of M students to within $40 with 99% confidence, we need a sample of 100 students. What sample size would be required to estimate the true mean amount of money spent on textbooks to within $10 with 99% confidence?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 1GP
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It is calculated that, in order to estimate the true mean amount of money spent on textbooks this semester by U of M students to within $40 with 99% confidence, we need a sample of 100 students. What
sample size would be required to estimate the true mean amount of money spent on textbooks to within $10 with 99% confidence?
Transcribed Image Text:It is calculated that, in order to estimate the true mean amount of money spent on textbooks this semester by U of M students to within $40 with 99% confidence, we need a sample of 100 students. What sample size would be required to estimate the true mean amount of money spent on textbooks to within $10 with 99% confidence?
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