00:01
So we want to estimate how big our sample size needs to be if we want to find the percent who graduates who donate to their college at a 98 percent level.
00:16
The margin of error is an error that we want to stay below is 0 .05.
00:22
Since this is a percent, this is going to be a proportion.
00:30
So we're going to use the margin of error, which is a is the critical value times the square root of p hat 1 minus p hat over n.
00:55
Okay, we need to fill in these all with numbers.
01:01
So as we start over here, we're going to have 0 .05 is greater than or equal to.
01:08
And our critical value comes from our table.
01:12
So we're going to go to our table at 98%.
01:16
We are doing a proportion, but it doesn't really matter because whenever we're estimating a sample size, we want to use this very last line down here.
01:26
So this line that says 98 % has 2 .36.
01:33
So that's going to be our critical value.
01:37
2 .326.
01:40
Now, we don't have a p hat because that would be a sample proportion.
01:44
And they didn't give us any other proportions to use, so we're going to use the safest choice, which is 0 .5.
01:53
That's going to give us the largest variation in there.
01:57
And then over n.
01:59
N is what we're going to go through and solve for.
02:03
So, divide both sides by 2 .326, and then square both sides.
02:10
So i would have 0 .05 over 2 .326.
02:17
Squared is greater than or equal to 0 .5 over 0 .5 all divided by n.
02:26
Okay.
02:27
Now because this is on the bottom and this whole thing, even though it looks like a lot, is just going to be a number.
02:37
We can switch these guys.
02:40
So what i'm actually solving and what i can put in my calculator, that way i don't have any rounding issues, over 0 .5 over 2 .326 squared.
02:59
Okay, so i divided both sides by 2 .326 and got 0 .05 over 2 .326.
03:07
And then to get rid of the square root, i squared both sides.
03:10
That brought this out of the square root and squared this side.
03:14
And then if i multiply both sides by n and divide both sides by this number, i get to here.
03:20
And this is where i use my handy -dandy calculator to help me figure out what in the world is going on, because that is a mess of arithmetic to do in my head or on a piece of paper even.
03:37
So n has to be greater than or equal to 541 .0276.
03:44
So for part a, our n would need to be approximately 542.
03:53
People in order to make all of those things work now part b is going to be similar except for we're using the mean instead of the proportion okay and so that changes our margin of error it's still the critical value i'm going to abbreviate a little bit critical value times but this is going to be usually s sub x over the square root event okay, so they give us a few things here.
04:33
So the margin of error is 50.
04:36
So 50 has to be greater than or equal to the critical value.
04:42
We're still doing 98%.
04:45
So that means we're going to have the same critical value that we had in this part a.
04:50
So this is going to be 2 .326, just like it was up here.
04:57
And then we're going to multiply it.
04:59
They gave us a standard deviation, 337, and this would be like a previous years or decades or months or whatever standard deviation, and that would be over the square root of n.
05:14
Okay? and now we just need to do some algebra and get the end by itself.
05:19
So still the first step is the same.
05:23
We're going to divide by this guy, so let's do that.
05:39
Okay.
05:39
This is a number.
05:41
This is a number.
05:42
We're going to switch places with those or multiply both sides by this and divide both sides by this.
05:49
So i get square root of n is greater than or equal to 337 divided by 50 over 2 .326 and then square both sides.
06:06
And i'm going to put all of this into my calculator and figure out my n.
06:11
So this tells me that n would have to be bigger than or equal to 245 .7 .59.
06:39
So n should be approximately 246 people in order for us to get those results on our 98 % confidence number.
06:52
Okay, so then the next tool wants you to calculate some confidence intervals.
07:00
Okay, so this first one is about the accuracy of wrist watches, and the negative is that they're ahead of time, and the positive is that they're behind.
07:14
I believe that so i said.
07:17
So, 95 % confidence interval, and this is going to be a mean, not a proportion.
07:36
And so this is our formula here.
07:41
The statistic plus or minus the critical value times the standard error.
07:46
And for a mean, that means we're going to have the mean plus or minus the critical value.
07:54
I'm going to abbreviate to cv.
07:56
I hope that's okay...