Determining Sample Size. In Exercises 31–38, use the given data to find the minimum sample size required to estimate a population proportion or percentage. Bachelor’s Degree in Four Years In a study of government financial aid for college students, it becomes necessary to estimate the percentage of full-time college students who earn a bachelor’s degree in four years or less. Find the sample size needed to estimate that percentage. Use a 0.05 margin of error, and use a confidence level of 95%. a. Assume that nothing is known about the percentage to be estimated. b. Assume that prior studies have shown that about 40% of full-time students earn bachelor’s degrees in four years or less. c. Does the added knowledge in part (b) have much of an effect on the sample size?
Determining
Bachelor’s Degree in Four Years In a study of government financial aid for college students, it becomes necessary to estimate the percentage of full-time college students who earn a bachelor’s degree in four years or less. Find the sample size needed to estimate that percentage. Use a 0.05 margin of error, and use a confidence level of 95%.
a. Assume that nothing is known about the percentage to be estimated.
b. Assume that prior studies have shown that about 40% of full-time students earn bachelor’s degrees in four years or less.
c. Does the added knowledge in part (b) have much of an effect on the sample size?
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