The proportion of public accountants who have changed companies within the last

Question

The proportion of public accountants who have changed companies within the last three years is to be estimated within 4%. The 98% 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 21.

To update this study, the files of how many public accountants should be studied? (Round up your answer to next whole number.)

How many public accountants should be contacted if no previous estimates of the population proportion are available? (Round up your answer to nearest whole number.)

The proportion of public accountants who have changed companies within the last three years is to be estimated within 4%. The 98% 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 21.

To update this study, the files of how many public accountants should be studied? (Round up your answer to next whole number.)

How many public accountants should be contacted if no previous estimates of the population proportion are available? (Round up your answer to nearest whole number.)

Explanation / Answer

Solution:- Given ME = 0.04, 98% confidence level Z = 2.33, p = 0.21

a. n = (Z/E)^2*p*q = (2.33/0.04)^2*0.21*0.79 = 562.909 563

b. n = (2.33/0.04)^2*0.5*0.5 = 848.26 = 848

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