Hi Bailey,
We have normally distributed data and known standard deviation, so we can use z. We are looking for the sample size n, and the formula is:
n=[(za/2)*sigma2]/E2
Let’s break this down.
n=sample size we are looking for
za/2=z-critical value
sigma=population standard deviation
E=Acceptable Error
Now, the trickiest part may be getting correct z-critical value—96% confidence intervals are not common, so memorization is impractical. To get za/2, we first must get alpha, the significance level. Formula for that:
a=1-c
a=alpha
c=confidence level
Here, c=0.96, so:
a=1-0.96
a=0.04
Now, the formula specifies a/2, so we do:
0.04/2=0.02
Now, we need to remember that this is two-sided, which means we take:
1-0.02=0.98
Look for that value on interior of z-table. Closest value I have is 0.9798, which corresponds to:
z=2.05
So,
za/2=2.05
Now, we have all we need to compute n, the minimum sample size:
n=[za/2*sigma2]/E2
za/2=2.05
sigma=300
E=15
n=[2.05*3002]/152
n=820
I hope this helps.