Can anyone help me solve this word equation it is for a simple homework assignment and the professor was having problems with his computer and now I am left in the cold. I need a detailed answer and the formula.. Thanks so much and I may not even been in the right place for posting.
Piggy Bank would like to examine the required sample size needed to be able to estimate the mean dollars that each card holder will spend each month. It would like to be within plus or minus $10 of the true mean with a 98% confidence level. The standard deviation is thought to be $500. How many card holders should be sampled? After you’ve determined how many card holders should be sampled, PiggyBank comes back and says that it will cost $5 per sample and they were only planning on spending $10,000 on the sample.
