How many such incomes should be found if we want to be 99

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Reference no: EM13470065

An economist wants to estimate the mean income for the first year of work for a college graduate who has had the profound wisdom to take a statistics course. How many such incomes must be found if we want to be 99% confident that the sample mean is within $500 of the true population mean? Assume that a previous study has revealed that for such incomes, σ = 6250.

Reference no: EM13470065

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