Problem #6 Business Salaries
Annual starting salaries of college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. Determine the planning value for the population standard deviation. Determine how large a sample should be taken if the desired margin of error is:
d. Would you recommend trying to obtain the $100 margin of error? Explain.