A survey is planned to determine the mean annual family

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Reference no: EM13637414

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 90% confident that the sample mean is correct to within (plus or minus $60) of the population mean annual family medical expenses. A previous study indicates that the standard deviation is approximately $369.

a. How large a sample is necessary?

b. If management wants to be correct to within (plus or minus $25), how many employees need to be selected?

Reference no: EM13637414

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