(See Steps) In order to set rates, an insurance company is trying to estimate the number of sick days that full time workers at an auto repair shop take
Question: In order to set rates, an insurance company is trying to estimate the number of sick days that full time workers at an auto repair shop take per year. A previous study indicated that the standard deviation was 2.1 days. a) How large a sample must be selected if the company wants to be 95% confident that the true mean differs from the sample mean by no more than one day? b) Repeat part (a) using 98% confidence interval. 0) Which level of confidence requires a larger sample?
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