Calculate the projected misstatement in a population using ratio projection. Tolerable Misstatement $20,000 Materiality $50,000 Sample size $ 6,024 Population size $ 547,021 Sample misstatement $ 174 Sample item number 1,365 Population item number 90,893

Calculate the projected misstatement in a population using ratio projection. Tolerable Misstatement $20,000 Materiality $50,000 Sample size $ 6,024 Population size $ 547,021 Sample misstatement $ 174 Sample item number 1,365 Population item number 90,893

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter2: Descriptive Statistics

Section: Chapter Questions

Problem 18P: The average time that Americans commute to work is 27.7 minutes (Sterlings Best Places, April 13,...

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Question

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Calculate the projected misstatement in a population using ratio projection.

Tolerable Misstatement $20,000

Materiality $50,000

Sample size $ 6,024

Population size $ 547,021

Sample misstatement $ 174

Sample item number 1,365

Population item number 90,893

Definition Definition Number of subjects or observations included in a study. A large sample size typically provides more reliable results and better representation of the population. As sample size and width of confidence interval are inversely related, if the sample size is increased, the width of the confidence interval decreases.

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