Question

In a study of government financial aid for college​ students, it becomes necessary to estimate the percentage of​ full-time college students who earn a​ bachelor's degree in four years or less. Find the sample size needed to estimate that percentage. Use a 0.02 margin of error and use a confidence level of 99​%. Complete parts​ (a) through​ (c) below.

Assume that nothing is known about the percentage to be estimated. nequals nothing ​(Round up to the nearest​ integer.)
a. n= ?

b. Assume prior studies have shown that about 45​% of​ full-time students earn​ bachelor's degrees in four years or less. nequals nothing ​(Round up to the nearest​ integer.)
n=?

c. Does the added knowledge in part​ (b) have much of an effect on the sample​ size?
A. ​Yes, using the additional survey information from part​ (b) only slightly increases the sample size.
B. ​No, using the additional survey information from part​ (b) does not change the sample size.
C. ​Yes, using the additional survey information from part​ (b) dramatically reduces the sample size.
D. ​No, using the additional survey information from part​ (b) only slightly reduces the sample size.

Answer 1

(a)

(b)

(c)

D. ​No, using the additional survey information from part​ (b) only slightly reduces the sample size.