A leading marketing research firm conducted a telephone survey of 500 young adults, 21 years of age, to estimate the average amount of money they intend on spending on political contributions during their first federal election cycle. The data are distributed normally, with the highest amount being $950.00, and the lowest amount being $10.00. The sample mean is $125.00. What is the margin of error (ME), rounded to the nearest hundredth, for these first-time voters?
Hint: SD equals start fraction X sub H minus X sub L over six end fraction comma where SD is the standard deviation, XH is the high value, and XL is the low value
Hint: ME equals plus or minus two times start fraction SD over square root of N end square root end fraction comma where SD is the standard deviation and N is the sample size
1. ME + - $15.41
2. ME + - $139.01
3. ME + - $14.01
3. ME + - $7.01
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