Math Problem Statement

Find the minimum sample size needed to be 99% confident that the sample's variance is within 30% of the population's variance.

Solution

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Math Problem Analysis

Mathematical Concepts

Statistics
Confidence Interval
Sample Variance
Population Variance
Chi-Squared Distribution

Formulas

Confidence Interval for Population Variance: (n - 1)s^2 / χ²(α/2, n-1) ≤ σ² ≤ (n - 1)s^2 / χ²(1 - α/2, n-1)
Ratio Condition for Interval Width: χ²(1 - α/2, n-1) / χ²(α/2, n-1) ≤ (1 + margin) / (1 - margin)

Theorems

Chi-Squared Distribution for Sample Variance

Suitable Grade Level

Undergraduate