The Human Relations Department of Electronics, Inc. would like to comprise dental plan as part of company's benefit package. First the company would require to know how much typical employee as well as family spent per year upon dental expenses. A random sample of 400 employees revealed average amount spent was $1,700 with population standard deviation of $500.
Determine the point estimate for dental expenses?
Determine the 92% confidence interval estimate.
What sample size would be appropriate, if the department wanted to be 99% confident with error of no more than $50.00.