22 of 24 This Quiz: 24 pts possible wishes to estimate, with 95% confidence the

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22 of 24 This Quiz: 24 pts possible wishes to estimate, with 95% confidence the population proportion of adults who are confident with their country's banking system accurate within 4% of the population proportion (a) No preliminary estimate is available. Find the minimum sample size needed Find the min m m sample size needed using a prior study is estimate must be (c) Compare the results from parts (a) and (b). (a) What is the minimum sample size needed assuming that no prior information is available? nz (Round up to the nearest whole number as needed.) (b) What n= (Round up to the nearest whole number as needed.) (c) How do the results from (a) and (b) compare? O A. Having an estimate of the population proportion has no effect on the minimum sample size needed that found that 22% of the respondents said they are confident with their country's banking system. is the minimum sample size needed using a prior study that found that 22% of the respondents said they are confident with their country's banking system? B. Having an estimate of the population proportion raises the minimum sample size needed. Click to select your answer(s). Save for Later Course Tools Sample Tests and Quizzes Sample tests and quizzes can be taken for practice or to build your stucy plan. Sample tests and quizzes do

Explanation / Answer

a)

When proportion is not specified, p = 0.5

Minimum sample size = Z2 * P(1-P) / E2

= 1.962 * 0.5 ( 1-0.5) / 0.042

= 600.25

Minimum sample size = 601(rounded up to nearest decimal).

b)

When p = 0.22

Minimum sample size = Z2 * P(1-P) / E2

= 1.962 * 0.22 ( 1-0.22) / 0.042

= 412.01

Minimum sample size = 413 (rounded up to nearest integer)

c)

From a) and b)

Having estimate of population proportion reduces the minimum sample size needed.

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