Sample size for predicting the population mean

Reference no: EM1316205

A federal funding program is available to low-income neighborhoods. To qualify for funding, a neighborhood must have a mean household income of less than $15,000 per year. Neighborhoods with mean annual household income of $15,000 or more do not qualify. Funding decisions are based on a sample of residents in the neighborhood. A hypothesis test with a .02 level of significance is conducted. If the funding guidelines call for a maximum probability of .05 of not funding a neighborhood with a mean annual household income of $14,000, what sample size should be used in the funding decision study? Use σ = $4000 as a planning value. ________________

Reference no: EM1316205

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