Abank wishes to estimate the mean balances owed by customers holding mastercard. the population standard deviation is estimated to be $500. if a 97 percent confidence interval is used and an interval of $100 is desired, how many cardholders should be sampled?

471

Step-by-step explanation:

Given :  The population standard deviation is estimated to be $500.

i.e .  

If a 97 percent confidence interval is used and an interval of $100 is desired.

i.e. Margin of error = half of interval

i.e. E=

Significance level : 1-0.97=0.03

Critical value for 97% confidence interval :

Formula for sample size :

Hence, at-least 471 cardholders should be sampled.

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step-by-step explanation:

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