Determine the mean annual family medical expenses

Reference no: EM1393204

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 plus-or-minus $50 of the population mean. A previous study indicates that the standard deviation is approximately $400.

a) How large a sample size is needed?

b) If management wants to be correct to within plus-or-minus $25, what sample size is necessary?

Reference no: EM1393204

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