Elementary Statistics (12th Edition)

Published by Pearson
ISBN 10: 0321836960
ISBN 13: 978-0-32183-696-0

Chapter 7 - Estimates and Sample Sizes - 7-3 Estimating a Population Mean - Basic Skills and Concepts: 27

Answer

405.It's quite unlikely to find this many 2-year-old Corvettes in my region.

Work Step by Step

$\alpha=1-0.98=0.02.$ Using the table: $z_{\alpha/2}=z_{0.01}=2.33.$ Hence the sample size:$\left (\frac{z_{\alpha/2}\cdot \sigma}{E}\right)^2=\left (\frac{2.33\cdot 2157}{250}\right)^2\approx405$.It's quite unlikely to find this many 2-year-old Corvettes in my region.
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