In a study of government financial aid for college students, it becomes necessary to estimate the percentage of full-time college students who earn abachelor's degree in four years or less. Find the sample size needed to estimate that percentage. Use a0.04 margin of error and use a confidence level of 90%.
Complete parts (a) through (c) below.
a. Assume that nothing is known about the percentage to be estimated.
nequals=nothing
(Round up to the nearest integer.)
b. Assume prior studies have shown that about 40%of full-time students earn bachelor's degrees in four years or less.
(Round up to the nearest integer.)
c. Does the added knowledge in part (b) have much of an effect on the sample size?
A.
No, using the additional survey information from part (b) does not change the sample size.
B.
No, using the additional survey information from part (b) only slightly reduces the sample size.
C.
Yes, using the additional survey information from part (b) only slightly increases the sample size.
D.
Yes, using the additional survey information from part (b) dramatically reduces the sample size.
Margin of error ( E ) = 0.04
confidence level = 90%
A 90% confidence level has 0.10 level of significance and has critical value is,
a) assume that nothing is known about the percentage to be estimated then, p= 0.5
we want to find, the sample size ( n ),
n = 423
b) if, proportion of p = 0.40 then sample size of n is,
n = 406
c) since, 406 is slightly less than 423 there is not much effect on sample size of additional information.
=> no, using the additional survey information from part b) only slightly reduces the sample size.
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