Suppose your boss wants you to obtain a sample to estimate a population proportion. At this point in time, you have no reasonable estimate for the value of the population proportion. You would like to be 99% confident that your estimate is within 5% (0.05) of the true population proportion. What is the minimum sample size required? IMPORTANT: Use a critical value that you found with your calculator (not from a table), and round it to 3 places after the decimal point before you plug it into a formula and perform your calculations. Do not round-off any other intermediate results. n-

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Suppose your boss wants you to obtain a sample to estimate a population proportion. At this point in time,
you have no reasonable estimate for the value of the population proportion. You would like to be 99%
confident that your estimate is within 5% (0.05) of the true population proportion. What is the minimum
sample size required?
IMPORTANT: Use a critical value that you found with your calculator (not from a table), and round it to
3 places after the decimal point before you plug it into a formula and perform your calculations. Do
not round-off any other intermediate results.
n-
Transcribed Image Text:Suppose your boss wants you to obtain a sample to estimate a population proportion. At this point in time, you have no reasonable estimate for the value of the population proportion. You would like to be 99% confident that your estimate is within 5% (0.05) of the true population proportion. What is the minimum sample size required? IMPORTANT: Use a critical value that you found with your calculator (not from a table), and round it to 3 places after the decimal point before you plug it into a formula and perform your calculations. Do not round-off any other intermediate results. n-
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