advantage
Zero
Never!
It becomes narrower.
1.0966
A bank wishing to estimate the mean balances owed by their MasterCard customers within 75 miles with a 98 percent confidence can use the following formula to calculate the required sample size: Sample size = (Z-score)2 * population standard deviation / (margin of error)2 Where Z-score = 2.326 for 98 percent confidence Population standard deviation = 300 Margin of error = desired confidence intervalSubstituting the values into the formula the required sample size is: 2.3262 * 300 / (Confidence Interval)2 = 553.7Therefore the bank would need to have a sample size of 554 to estimate the mean balances owed by their MasterCard customers within 75 miles with a 98 percent confidence.
The width of the confidence interval willdecrease if you decrease the confidence level,increase if you decrease the sample sizeincrease if you decrease the margin of error.
Never!
0.040
It becomes narrower.
3.92
1.0966
confidence
A bank wishing to estimate the mean balances owed by their MasterCard customers within 75 miles with a 98 percent confidence can use the following formula to calculate the required sample size: Sample size = (Z-score)2 * population standard deviation / (margin of error)2 Where Z-score = 2.326 for 98 percent confidence Population standard deviation = 300 Margin of error = desired confidence intervalSubstituting the values into the formula the required sample size is: 2.3262 * 300 / (Confidence Interval)2 = 553.7Therefore the bank would need to have a sample size of 554 to estimate the mean balances owed by their MasterCard customers within 75 miles with a 98 percent confidence.
if the confidence interval is 24.4 to 38.0 than the average is the exact middle: 31.2, and the margin of error is 6.8
The confidence interval becomes smaller.
The width of the confidence interval willdecrease if you decrease the confidence level,increase if you decrease the sample sizeincrease if you decrease the margin of error.
It equals 14641.
In general, the confidence interval (CI) is reduced as the sample size is increased. See related link.