Question

There are many reasons adults use credit cards. A recent survey ("Why Adults Use Credit Cards," USA Today, October 18, 2007, p. 1D) found that 66% of adults used credit cards for convenience. To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within ±0.03 of the population proportion, how many people need to be sampled?

Name: there are many reasons adults use credit cards a recent survey why adults use credit cards usa today october 18 2007 p 1d found that 66 of adults used credit cards for convenience a to condu 52482
Uploaded: 2022-01-07T15:37:28-08:00
Duration: 3 min 21 s
Channel: Robin Corrigan
Description: there are many reasons adults use credit cards a recent survey why adults use credit cards usa today october 18 2007 p 1d found that 66 of adults used credit cards for convenience a to condu 52482

          There are many reasons adults use credit cards. A recent survey ("Why Adults Use Credit Cards," USA Today, October 18, 2007, p. 1D) found that 66% of adults used credit cards for convenience. To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within ±0.03 of the population proportion, how many people need to be sampled?

Added by Mar E.

Elementary Statistics a Step by Step Approach

Allan G. Bluman 9th Edition

Instant Answer

Solved by Expert Robin Corrigan

01/07/2022

Step 1

Given that the confidence level is 99%, the alpha value is 0.01. The z-value for a 99% confidence level is 2.576. ** Show more…

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There are many reasons adults use credit cards. A recent survey ("Why Adults Use Credit Cards," USA Today, October 18, 2007, p. 1D) found that 66% of adults used credit cards for convenience. To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within ±0.03 of the population proportion, how many people need to be sampled?