A survey is planned to determine the mean annual family medical expenses of employees of a large company. The management of the company wishes to be 95% confidant that the sample mean is correct to within +-$ 50 of the population mean annual family medica

Q 8.38

A survey is planned to determine the mean annual family medical expenses of employees of a large company. The management of the company wishes to be 95% confidant that the sample mean is correct to within +-$ 50 of the population mean annual family medical expenses

A previous study indicates that the SD is app. $400

a.How large a sample is necessary?

b.If management wants to be correct to within +- $25, how many employees need to be selected