Question

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between and. Assume that a confidence interval estimate of the population mean annual starting salary is desired.

Answer 1

Since the sample size is huge, it is not recommended to strive to acquire the $100 margin of error during sampling.

What is sampling and how it should explained/used?

Sampling is a tool used to determine how much data to collect and how frequently it should be collected. This tool specifies the samples that must be collected in order to quantify a system, process, issue, or problem. Samples are used to draw conclusions about populations. Because samples are practical, cost-effective, convenient, and manageable, they are easier to gather data from.

To begin, the planning value will be = (45000/30000) / 4 = 3750.

The result will be: $= 1.96 (3750/500)^{2} = 217$

Also, for error 200, the desired margin is: = 1.96 (3750/100)2 = 5403.

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