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You work for the Ford Motor Company and have been asked to estimate the percentage of...

You work for the Ford Motor Company and have been asked to estimate the percentage of households in which a vehicle is owned. How many households must you survey if you wish to be 95% confident that your estimate has a margin of error of three percentage points?

Math   Statistics-And-Probability   
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Answer #1

Solution :

Given that,

= 0.5

1 - = 0.5

margin of error = E = 3% = 0.03

At 95% confidence level the z is ,

= 1 - 95% = 1 - 0.95 = 0.05

/ 2 = 0.05 / 2 = 0.025

Z/2 = Z0.025 = 1.96 ( Using z table )

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

= (1.96 / 0.03)2 * 0.5 * 0.5

= 1067.11

n =1068 rounded

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