You want to determine the percentage of Fortune 500 CEOs who think Indiana University (IU) deserves its current Business Week rating. You mail a questionnaire to all 500 CEOs and 100 respond. Exactly half of the respondents believe IU does deserve its ranking.Calculate a 95% confidence interval for the fraction of Fortune 500 CEOs who believe IU deserves its ranking. Round your answers to three decimal places, if necessary.Lower Limit Upper Limit Suppose again that you want to estimate the fraction of Fortune 500 CEOs who believe IU deserves its ranking. Your goal is to have only a 5% chance of having your estimate be in error by more than 0.04. What size sample would you need to take? Round your answer up to the nearest whole number, if necessary. Is it possible to implement this result? Is the finite population correction (fpc) relevant here? Explain. Round your answers for the standard error to three decimal places, if necessary.With the sample size of 100, % of the population is being sampled, so the fpc be used. It affects the standard error from to , which the width of the confidence interval.

Answered: You want to determine the percentage of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

You want to determine the percentage of Fortune 500 CEOs who think Indiana University (IU) deserves its current Business Week rating. You mail a questionnaire to all 500 CEOs and 100 respond. Exactly half of the respondents believe IU does deserve its ranking.

Calculate a 95% confidence interval for the fraction of Fortune 500 CEOs who believe IU deserves its ranking. Round your answers to three decimal places, if necessary.

Lower Limit

Upper Limit
Suppose again that you want to estimate the fraction of Fortune 500 CEOs who believe IU deserves its ranking. Your goal is to have only a 5% chance of having your estimate be in error by more than 0.04. What size sample would you need to take? Round your answer up to the nearest whole number, if necessary.

Is it possible to implement this result?
Is the finite population correction (fpc) relevant here?

Explain. Round your answers for the standard error to three decimal places, if necessary.

With the sample size of 100, % of the population is being sampled, so the fpc be used. It affects the standard error from to , which the width of the confidence interval.