Annual starting salaries for the college graduates with degrees in business administration are basically expected to be between $30,000 and $45,000. Suppose that a 95% confidence interval estimate of population mean annual starting salary is desired. Determine the planning value for population standard deviation? How large a sample must be taken if the desired margin of error is:
Q. $500
Q. $200
Q. $100
Q. Would you recommend trying to obtain the $100 margin of error? Explain.