Use the Given Information to Find the Minimum Sample Size $\mu$

question 101

Multiple Choice

Use the given information to find the minimum sample size required to estimate an unknown population mean $\mu$
-How many weeks of data must be randomly sampled to estimate the mean weekly sales of a new line of athletic footwear? We want 98% confidence that the sample mean is within $400 of the population mean, and the
Population standard deviation is known to be $1400.

• A) 34
• B) 82
• C) 67
• D) 48

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Definitions:

Inflation Protection

Financial strategies or instruments designed to protect investors from the erosive effect of inflation on investments and purchasing power.

U.K. Stock Index

A measurement of the performance of the stock market in the United Kingdom, often represented by indices such as the FTSE 100.

FTSE

An acronym for the Financial Times Stock Exchange, referring to major stock market indices such as the FTSE 100 in the United Kingdom.

Put Option

An economic arrangement allowing the holder the option, without being compelled, to sell a designated quantity of an underlying asset at an agreed-upon price within a defined period.