Question

You are planning a survey of starting salaries for recent business major graduates from your college. From a pilot study you estimate that the standard deviation is about $9000. What sample size do you need to have a margin of error equal to $500 with 95% confidence?How do I calculate this using excel?

Answer 1

1245

Explanation:

-Given the standard deviation is $9000 and the margin of error is $500.

-the minimum sample size at a 95% confidence level can be calculated using the formula:

`n\geq( (z\sigma)/(MOE))^2\\\\\\\geq ((1.96* 9000)/(500))^2\\\\\\\geq 1244.6784\approx 1245`

Hence, the minimum sample size is 1245

*Since there's no data fromw which we are drawing our variables, we can manually input our parameters in excel and calculate as attached.