The proportion of public accountants who have changed companies within the last
ID: 3381669 • Letter: T
Question
The proportion of public accountants who have changed companies within the last three years is to be estimated within 4%. The 95% level of confidence is to be used. A study conducted several years ago revealed that the percent of public accountants changing companies within three years was 23. (UseStudent's z Distribution Table.) (Round up your answers to the next whole number.)
How many public accountants should be contacted if no previous estimates of the population proportion are available?
The proportion of public accountants who have changed companies within the last three years is to be estimated within 4%. The 95% level of confidence is to be used. A study conducted several years ago revealed that the percent of public accountants changing companies within three years was 23. (UseStudent's z Distribution Table.) (Round up your answers to the next whole number.)
Explanation / Answer
A)
Note that
n = z(alpha/2)^2 p (1 - p) / E^2
where
alpha/2 = 0.025
Using a table/technology,
z(alpha/2) = 1.96
Also,
E = 0.04
p = 0.23
Thus,
n = 425.2171
Rounding up,
n = 426 [ANSWER]
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b)
Note that
n = z(alpha/2)^2 p (1 - p) / E^2
where
alpha/2 = 0.025
As there is no previous estimate for p, we set p = 0.5.
Using a table/technology,
z(alpha/2) = 1.96
Also,
E = 0.04
p = 0.5
Thus,
n = 600.25
Rounding up,
n = 601 [ANSWER]
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