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A financial institution wishes to estimate the mean balances owed by its credit card customers. The population standard deviation is estimated to be $300. If a 98 percent confidence interval is used and an interval of ±$75 is desired, how many cardholders should be sampled?
A. 629
B. 62
C. 87
D. 3382

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Updated 5/19/2013 2:23:14 PM

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87 cardholders should be sampled.

Solution:

invNorm(0.01) = 2.326

n = [2.326*300/75]^2

- -

n = 9.304^2

- -

n = 86.56

Rounding up:

n = 87 (desired sample size)

Solution:

invNorm(0.01) = 2.326

n = [2.326*300/75]^2

- -

n = 9.304^2

- -

n = 86.56

Rounding up:

n = 87 (desired sample size)

Added 5/19/2013 2:23:14 PM

__________ is the process of working with people and resources to accomplish organizational goals.
A. Management
B. Planning
C. Supervising
D. Decision making
E. Controlling

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Updated 3/20/2016 7:53:18 PM

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