(A)What Sample Size Would Be Required for the Auditors to Be

question 59

Essay

(A)What sample size would be required for the auditors to be approximately 95% sure that their estimate of the average savings account balance at this bank is within $150 of the true mean? Assume that their best estimate of the population standard deviation is $300.
(B)Choose a simple random sample of the size found in (A).
(C)Compute the observed sampling error based on the sample you have drawn from the population.How does the actual sampling error compare to the maximum possible probable absolute error established in (A)? Explain

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