2. Tinaville is a medium-size affluent town in the heartland of the country of Metaluna that prides Itself on having the best retirement portfolio. You wish to estimate, with 88% confidence, the population proportion of Tinaville's Adults who think they have a comfortable retirement portfolio. Your estimate must be accurate within 6.85 % of the true population proportion. (Show all calculations and steps) a. What is the minimum number of Tinavillois adults you need to sample if no preliminary estimate is available? b. Find the minimum sample size needed, using a prior estimate that found that 68.5% of Tinaville's adults think that they have a comfortable retirement portfolio.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Question
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2:
Tinaville is a medium-size affluent town in the heartland of the country of Metaluna that prides
itself on having the best retirement portfolio. You wish to estimate, with 88% confidence, the population
proportion of Tinaville's Adults who think they have a comfortable retirement portfolio. Your estimate must be
accurate within 6.85 % of the true population proportion. (Show all calculations and steps)
a. What is the minimum number of Tinavillois adults you need to sample if no preliminary estimate is
available?
b. Find the minimum sample size needed, using a prior estimate that found that 68.5% of Tinaville's adults
think that they have a comfortable retirement portfolio.
Transcribed Image Text:2: Tinaville is a medium-size affluent town in the heartland of the country of Metaluna that prides itself on having the best retirement portfolio. You wish to estimate, with 88% confidence, the population proportion of Tinaville's Adults who think they have a comfortable retirement portfolio. Your estimate must be accurate within 6.85 % of the true population proportion. (Show all calculations and steps) a. What is the minimum number of Tinavillois adults you need to sample if no preliminary estimate is available? b. Find the minimum sample size needed, using a prior estimate that found that 68.5% of Tinaville's adults think that they have a comfortable retirement portfolio.
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