Final answer:
To find the sample mean that would have a confidence level of 95% or a 2.5% margin of error, we need to calculate the sample size. The necessary steps involve determining the critical z-value, calculating the margin of error, and solving the equation for the square root of the sample size. In this case, a sample size of 14400 would meet the desired criteria.
Step-by-step explanation:
To calculate the sample mean that would have a confidence level of 95% or a 2.5% margin of error, we need to find the critical z-value corresponding to the confidence level and then use it to calculate the margin of error.
- Since the confidence level is 95%, we want to find the z-value that leaves 2.5% in each tail. The z-value for a 95% confidence level is approximately 1.96.
- Next, we can calculate the margin of error using the formula:
Margin of Error = z-value * (standard deviation / square root of sample size). - Substituting the given values, the margin of error is:
Margin of Error = 1.96 * (3 / square root of sample size). - Since the margin of error is 2.5%, we can set up the equation:
2.5% = 1.96 * (3 / square root of sample size) and solve for the sample size. - Simplifying the equation, we get:
0.025 = 1.96 * (3 / square root of sample size) - Dividing both sides by 1.96 and multiplying by the square root of sample size, we get:
0.025 * square root of sample size = 3 - Finally, we can solve for the square root of the sample size:
square root of sample size = 3 / 0.025 = 120 - Squaring both sides of the equation, we find:
sample size = 120^2 = 14400
Therefore, a sample size of 14400 would have a confidence level of 95% or a 2.5% margin of error.