Question

A study conducted several years ago reported that 24 percent of university graduates applied for an MBA degree within 2 years of graduation . The Council of Higher Education would like to update the study. They would like to estimate the population proportion of university graduates who applied for an MBA degree within 2 years of graduation with a margin of error of 2% and a 99% level of confidence. (Round your z value to 3 decimals. Round up your answers to the next whole number.)

To update this study, the files of how many graduates should be studied?(sample size)

Answer 1

Solution,

Given that,

= 24% = 0.24

1 - = 1 - 0.24 = 0.76

Margin of error = E = 2% = 0.02

At 99% confidence level

= 1 - 99%  

= 1 - 0.99 =0.01

/2 = 0.005

Z/2  = Z0.005  = 2.576

Sample size = n = (Z / 2 / E )2 * * (1 - )

= ( 2.576 / 0.02 )2 * 0.24 * 0.76

= 3025.91

Sample size = n = 3026