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A Wendy's franchise has been averaging about $5000 worth of business on a typical Saturday with a standard deviation of σ = $500. The manager is concerned that sales are slipping, after taking into account the average value of sales for four consecutive Saturdays being $4800.

If we wanted to shorten the interval of the estimation of the true mean of Saturday sales to a width of $600 in total, what should the size of our sample be to achieve it?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
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