30 Marts Inc., a local fund-raising organization, is considering the feasibility

Question

30 Marts Inc., a local fund-raising organization, is considering the feasibility of a fund-raising campaign to assist a youth organization in building a new recreation center in College Bryan, Texas. Marts has been asked to determine whether this campaign would be successful in raising $1.5 million, the amount needed to construct and equip the center 6 points Because unsuccessful fund-raising efforts have a negative impact on Marts' ability to obtain future clients and engagements, it has established a reliability of 99 percent that is, Marts wants to have a very high level of confidence that the $1.5 million can be successfully raised in the local community. Because a total of 50,000 citizens live in the College Bryan area, the average gift necessary to ensure a successful campaign is $30 per person ($1,500,000 ÷ 50,000). Based on the sampling risk associated with 99 percent reliability, Marts determined a sample size of 200 and surveyed each of these individuals with respect to their willingness to donate to the fund-raising campaign. The average level of support indicated by these 200 persons was $35 per person. eBook Required Print a. Based on Marts's sample, calculate the sample estimate for the total amount that could be raised under this fund-raising effort. (Enter your answers in dollars and not in millions of dollar.) References Sample estimate e. Using the sample estimate calculated in (a), determine the precision interval if the calculated precision were: (Enter your answers in dollars and not in millions of dollars. Enter the lower bound and the upper bound of the precision interval.) Precision 1 100,000 2 200,000 3.$ 300,000 Precision interval to to to

Explanation / Answer

a) Sample estimate =(average level of sample) * (population size)

=35 * 50,000

=1750000

b)

1) for $ 100,000

Precision interval = sample estimate ± precision

=1750000± 100,000

=1650000 to 1850000

2) for $ 200,000

Precision interval = sample estimate ± precision

=1750000± 200,000

=1550000 to 1950000

3) for $ 300,000

Precision interval = sample estimate ± precision

=1750000± 300,000

=1450000 to 2050000

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