Hi Bailey,
We have normally distributed data with known standard deviation, so we can use z to seek sample size. Now, let's look at common formulas and evaluate what we are given: Recall:
MoE= z*SE
z*=z-critical value
SE=standard error
SE=sigma/sqrt(n)
sigma=standard deviation
n=sample size
Ultimately, the goal is to find n. We have sigma, but no SE yet. We do, however, have a margin of error.
MoE=5, so:
5=z*SE
Now, let's talk about z*. For a 96% confidence interval, we need to subtract:
(1-0.96)=0.04
Divide by 2:
0.02
Subtract from 1 again:
(1-0.02)=0.98
Look in the interior of the z-table for 0.98; closest I have is 0.9798 at:
z*=2.05
Substituting into Margin of Error equation:
MoE=z*SE
MoE=5
z*=2.05
5=2.05*SE
SE=2.44
Now that we have standard error, we can substitute into the equation for sample size:
SE=sigma/sqrt(n)
SE=2.44
sigma=300
n=n, the sample size we are looking for
2.44=300/sqrt(n)
2.44sqrt(n)=300
sqrt(n)=(300/2.44)
n=(300/2.44)2
n=15117
I hope this helps.