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## Statistics

Piggy Bank would like to analyze the required sample size required to be capable to estimate the mean dollars that each card holder will spend each month. It would like to be in plus or minus \$10 of the true mean with the 98% confidence level. The standard deviation is thought to be \$500. How many card holders must be sampled? After you have determined how many card holders must be sampled, PiggyBank comes back and says that it will cost \$5 per sample and they were only planning on spending \$10,000 on sample. In memo to the PiggyBank product development team point out how many card holders must be sampled to meet the original requirements of sample. Then describe the trade-offs that will take place when you lower the sample to \$10,000 to meet their budget.

Statistics and Probability, Statistics

• Category:- Statistics and Probability
• Reference No.:- M920770

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