I used the SD formula to find SD and then use it in the ME formula, but I got 0.98 as an answer and that's not one of my choices! Can someone please help me work through this so that I can know how to solve it in the future?
A leading marketing research firm conducted a telephone survey of 325 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 $975.00 and the lowest amount being $20.00. The sample mean is $75.00. What is the margin of error (ME), rounded to the nearest hundredth, for these first-time voters?
A. ME= +$17.66
B. ME= +$92.66
C. ME= +$8.83
D. ME= +$19.23
Nevermind, I worked it out. For anyone who will need this in the future, make sure you don't forget to divide by six in the SD formula and make sure that in the ME formula, you square root the 325. You should get 17.66 after you round the answer, if you plugged everything in correctly.