Assignment:
Sample Size for Weights of Quarters The Tyco Video Game Corporation finds that it is losing income because of slugs used in video games. The machines must be adjusted to accept coins only if they fall within set limits. In order to set these limits, the mean weight of quarters in circulation must be estimated. A sample of quarters will be weighed in order to determine the mean. How many quarters must we randomly select and weigh if we want to be 99% confident that the sample mean is within 0.025 g of the true population mean for all quarters? Based on results from a sample of quarters, we can estimate the population standard deviation as 0.068 g.
Provide complete and step by step solution for the question and show calculations and use formulas.