Describing trade-offs to meet budget

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Reference no: EM1317014

Q1) Piggy Bank would like to study required sample size required to be able to evaluate the mean dollars that each card holder will spend each month. It would like to be in plus or minus $10 of true mean with a 98% confidence level. Standard deviation is thought to be= $500. How many card holders must be sampled? After you have determined how many card holders must be sampled, Piggybank comes back and says that it will cost= $5 per sample and they were only planning on spending= $10,000 on sample. In memo to Piggybank product development team point out how many card holders must be sampled to meet original requirements of sample. Then describe trade-offs which will happen when you lower sample to $10,000 to meet their budget.

Reference no: EM1317014

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