If the bank didn't have any prior knowledge of the point estimate what is the minimum sample size they would need for a margin of error of no more than 5% with 95% confidence
Added by Joseph V.
Step 1
The formula is: n = (Z^2 * p * (1-p)) / E^2 where: n = sample size Z = Z-score for 95% confidence level (1.96) p = estimated proportion (0.5 for maximum variability) E = margin of error (0.05) Show more…
Show all steps
Close
Your feedback will help us improve your experience
Lucas Finney and 86 other Intro Stats / AP Statistics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
What sample size is needed to give the desired margin of error in estimating a population proportion with the indicated level of confidence? A margin of error within $\pm 5 \%$ with $95 \%$ confidence.
Inference for Means and Proportions
Confidence Interval for a Single Proportion
What sample size is needed to give a margin of error of 5% with a 95% confidence interval? Sample size
Nimat P.
What is the size of the smallest sample required to estimate an unknown proportion of customers who would pay for an additional service, to within a maximum error of $0.06$ with at least $95 \%$ confidence?
Recommended Textbooks
Elementary Statistics a Step by Step Approach
The Practice of Statistics for AP
Introductory Statistics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD