Editors preparing a report on the economy are trying to estimate the percentage of businesses that plan to hire additional employees in the next 60 days. They are willing to accept a margin of error of 5% but want 95% confidence. How many randomly selected employers will they need to contact?
Added by Joseph Y.
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The formula is: \[ n = \frac{Z^2 \cdot p \cdot (1-p)}{E^2} \] where: - \( n \) = sample size needed - \( Z \) = Z-score corresponding to the desired confidence level (for 95% confidence, Z = 1.96) - \( p \) = estimated proportion of businesses that plan to hire Show more…
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