Standard deviation of the purchase amount

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Reference no: EM1391701

A large retail corporation plans to sample sales receipts of its meat department to estimate the average size (in dollars) of a customer purchase. Previous analysis suggest that the standard deviation of the purchase amount is approximately $50.72. In order to calculate a 95% confidence interval of the total width less than $6.50, how many sales receipts should the corporation include in the sample? Explain your findings so that your non-quantitative partner will understand them.

Reference no: EM1391701

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