Annual starting salaries for college graduates with degrees in business administration are generally...

Question

Annual starting salaries for 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. What is the planning value for the population standard deviation (to the nearest whole number)?

How large a sample should be taken if the desired margin of error is as shown below (to the nearest whole number)?

Robert · Accepted Answer

Question 1: 
In general the difference between the largest and smallest values provides an estimate of the 
range for the data. And if we devide the range by 4 we have a rough approximation of the 
standard deviation and thus an acceptable planning value for  . 
So here,

Annual starting salaries for 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...

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