The 73 customers who spend money in this store if a MOE of at most 0.075 with 80% confidence.
What is the margin of error(MOE)?
MOE is an error that provides an estimate of the percentage of errors in real statistical data.
The formula for finding the MOE:
MOE = z x s/√n
Where ,
Z = the z-score at the confidence interval
s = the standard deviation
n = the number of samples.
We have p = 0.50 MOE = 0.075
Z = 1.282 at 80% confidence
0.075 = 1.282 x √0.50(1- 0.50)/ n
After solving,
n = (0.5)(0.5)/(0.0585)²
n = 73
Thus, the 73 customers who spend money in this store if a MOE of at most 0.075 with 80% confidence.
Learn more about the Margin of error here:
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