Need equation for below

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  1. Assume the branch manager requested estimates of the mean selling price of Gulf View condominiums with a margin of error of $40,000 and the mean selling price of No Gulf View condominiums with a margin of error of $15,000. Using 95% confidence, how large should the sample sizes be for each?
Oct 21st, 2015

Thank you for the opportunity to help you with your question!

Confidence level = 95%

z= 1.96

s=192517.75

E=Z*s/√n = 40000

n = (1.96*192517.75/40000)^2 = 88.99

The minimum sample size is 90

GULF VIEW CONDOMINIUMS

Confidence level = 95%

z= 1.96

s=43891.72

E=Z*s/√n = 15000

n = (1.96*43891.72/15000)^2 = 32.89

The minimum sample size is 33


Please let me know if you need any clarification. I'm always happy to answer your questions.
Oct 21st, 2015

Thank you so much!  One quick question.  How did you find "s"

Oct 21st, 2015

S is in the tables.

Oct 21st, 2015

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