statistics
A researcher wishes to estimate, with 95% confidence, the population proportion of adults who are confident with their country’s banking system. His estimate must be accurate within 2% of the population proportion.
(a) No preliminary estimate is available. Find the minimum sample size needed.
(b) Find the minimum sample size needed, using a prior study that found that 24% of the respondents said they are confident with their country’s banking system.
(c) Compare the results from parts (a) and (b).
Part A:
What is the minimum sample size needed assuming that no prior information is available?
n = _____ (Round up to the nearest whole number as needed.)
Part B: What is the minimum sample size needed using a prior study that found that 24% of the respondents said they are confident with their country’s banking system?
n = _____ (Round up to the nearest whole number as needed.)
Part C:
How do the results from (a) and (b) compare? Pick the best choice:
Choice A: Having an estimate of the population proportion raises the minimum sample size needed.
Choice B: Having an estimate of the population proportion reduces the minimum sample size needed.
Choice C: Having an estimate of the population proportion has no effect on the minimum sample size needed.
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