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Determining the true average annual salary

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A journalist wants to determine the average annual salary of CEOs in the S&P 1,500. He does not have time to survey all 1,500 CEOs but wants to be 95% confident that his estimate is within $50,000 of the true mean. The journalist takes a preliminary sample and estimates that the standard deviation is approximately $449,300.

What is the minimum number of CEOs that the journalist must survey to be within $50,000 of the true average annual salary? Remember that the z-value associated with a 95% confidence interval is 1.96. (Please enter your answer as an integer; that is, as a whole number with no decimal point.)

Reference no: EM132855783

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