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)
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
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