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Researchers would like to estimate the mean cholesterol level μ of a variety of monkey. (You know, the kind that Ace Ventura has – a cappuccino monkey?) They would like their estimate to be within 1 milligram per deciliter (mg/dl) of the true value of μ at a 95% confidence level. A previous study involving this variety of monkey suggests that the standard deviation of cholesterol level is about 5 mg/dl.
1. What is the minimum number of monkeys they will need to generate a satisfactory estimate?

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aojsoft

Answer:

The minimum number of monkeys needed to generate a satisfactory estimate is 96.04 => 96 approx.

Step-by-step explanation:

We use the idea of margin of error to obtain the minimum sample size (n) require.

By margin of error:

Moe = Z(0.05)*S.E

where S.E = standard deviation (SD)/sqrt(n)

Thus, n = (Z(0.05)*SD)/Moe

=>      n = [(1.96*5)/1]^2

         n = 96.04

         n = 96 approx.

We can't use decimal when talking about population or count.

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