How large sample for actual average with confidence

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Reference no: EM13127699

A bank officer wants to determine the amount of the average total monthly deposits per customer at the bank. He believes an estimate of this average amount using a confidence interval is sufficient. How large a sample should he take to be within 200£ of the actual average with 99% confidence? He assumes the standard deviation of total monthly deposits for all customers is about 1000£.

Reference no: EM13127699

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