A researcher wishes to estimate, with 95 % confidence, the population proportion

Question

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 5% 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 34 % of the respondents said they are confident with their country's banking system. (c) Compare the results from parts (a) and (b). Round to nearest whole number as needed

Explanation / Answer

alpha / 2 = 0.025 Z= 1.96

a) p = 0.5

n = 1.96^2 * 0.5 * 0.5 / 0.05^2

n = 384.16 = 385

b) p = 0.34

n = 1.96^2 * 0.34 * 0.66 / 0.05^2

n = 344.82

n = 345

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