Determine the Sample Size Necessary for Estimating the Population Mean

question 8

Short Answer

Determine the Sample Size Necessary for Estimating the Population Mean within a Specified Margin of Error
-In order to set rates, an insurance company is trying to estimate the number of sick days that full time workers at a local bank take per year. A previous study indicated that the standard deviation was 2.5 days. a) How large a sample must be selected if the company wants to be 98% confident that the true mean differs from the sample mean by no more than 1 day b) Repeat part (a) using a 99% confidence interval. Which level of confidence requires a larger sample size Explain.

Correctly use punctuation in business writing.

Apply basic principles of capitalization in sentences.

Distinguish between correct and incorrect capitalization in specific contexts.

Enhance writing clarity and professionalism through accurate spelling, grammar, punctuation, and capitalization.

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Definitions:

Platelet

A small, disk-shaped cell fragment in the blood, essential for blood coagulation and wound healing.

Erythrocyte

A type of blood cell that is typically biconcave and without a nucleus, responsible for transporting oxygen and carbon dioxide in the blood.

Agranulocytes

White blood cells characterized by the absence of granules in their cytoplasm, including lymphocytes and monocytes.

Formed Element

Components of blood, including red blood cells, white blood cells, and platelets, that are crucial for carrying oxygen, fighting infections, and clotting.