A Private University Is Considering a Change in the Way

Short Answer

A private university is considering a change in the way students pay for their education.Presently the students pay $55 per credit hour.The university system administrators are contemplating charging each student a set fee of $750 per quarter,regardless of how many credit hours each takes.To see if this proposal would be economically feasible,the administrators would like to know how many credit hours,on the average,each student takes per quarter.A random sample of 250 students yields a mean of 14.1 credit hours per quarter and a standard deviation of 2.3 credit hours per quarter.Suppose the administration wanted to estimate the mean to within 0.1 hours at 95% reliability and assumed that the sample standard deviation provided a good estimate for the population standard deviation.How large a sample would they need to take?