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Each year, Management Accounting reports the results of a salary survey of the members of the Institute of Management Accountants (IMA). On year, the 2112 members responding had a salary distribution with a 20th percentile of $35,100; a median of $50,000; and an 80th percentile of $73,000.
(a) Use this information to determine the minimum sample size that could be used in next year's survey to estimate the mean salary of IMA members to within $2000 with 98% confidence.
(b) Explain how you estimated the standard deviation required for the sample size calculation.
(c) List any assumptions you make.
Determine the mean, median, and range for each of two data sets. b. Determine standard deviation using rule of thumb for each of data sets.
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How large a sample is needed to estimate the true proportion of home owners who have vegetable gardens to within 0.04 with 98% confidence?
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