A realtor wishes to conduct a survey of price homes in a par

A realtor wishes to conduct a survey of price homes in a particular neighborhood. The range of home prices in this neighborhood is $222,100 to $433,900 and the population standard deviation is known to be $54,380. The realtor wishes to report her findings to a magazine and she wants to be sure that she reports the mean within $6,320 of the population mean. With a(n) 98% level of confidence, determine the minimum sample size necessary to meet these parameters.

Solution