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274 CHAPTER 8 Confidence Interval Estimation A previous study indicates that the standard deviation is approximately $40
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274 CHAPTER 8 Confidence Interval Estimation A previous study indicates that the standard deviation is approximately $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? APPLYING THE CONCEPTS SELF 8.38 A survey is planned to determine the mean Test annual family medical expenses of employees of a large
company. The management of the
company wishes to be 95% confident that the sample mean is correct to within + $50 of the population mean annual family medical expenses.