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Determine mean annual family medical expenses of employees

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Reference no: EM131689453

Question: 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 95% confident that the sample mean is correct to within $50 of the population mean annual family medical expenses. A previous study indicates that the standard deviation is approximately ±$400.

a. How large a sample size is necessary?

b. If management wants to be correct to within ±$25, what sample size is necessary?

Reference no: EM131689453

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