Suppose an advertising company wants to determine the current percentage of customers who read print magazines. How many customers should the company survey in order to be 98% confident that the estimated (sample) proportion is within 5percentage points of the true population proportion of customers who read print magazines?z0.10z0.05z0.025z0.01z0.0051.2821.6451.9602.3262.576

Question
Asked Sep 25, 2019

Suppose an advertising company wants to determine the current percentage of customers who read print magazines. How many customers should the company survey in order to be 98% confident that the estimated (sample) proportion is within 5percentage points of the true population proportion of customers who read print magazines?

z0.10 z0.05 z0.025 z0.01 z0.005
1.282 1.645 1.960 2.326 2.576
check_circleExpert Solution
Step 1

Given data
Error = 5% = 0.05
Confidence level = 0.98
Significance level = α=1-0.98=0.02

Zo.02 = Zo.01
NORM.S.INV(0.01))
-2.32635 (From Excel =
2
help_outline

Image Transcriptionclose

Zo.02 = Zo.01 NORM.S.INV(0.01)) -2.32635 (From Excel = 2

fullscreen
Step 2

Here percentage proportion is not given, so we assume p...

Margin of error formula is given by
P(1-р)
E Za X
n
2
Simplifying the above formula
2
Za
2
2.32635
п%3D p(1 — р) х
E
= 541.09 542
- 0.5 x 0.5 x
0.05
help_outline

Image Transcriptionclose

Margin of error formula is given by P(1-р) E Za X n 2 Simplifying the above formula 2 Za 2 2.32635 п%3D p(1 — р) х E = 541.09 542 - 0.5 x 0.5 x 0.05

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour*

See Solution
*Response times may vary by subject and question
Tagged in

Math

Statistics

Related Statistics Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: The toco toucan, the largest member of the toucan family, possesses the largest beak relative to bod...

A: The regression analysis is conducted here by using EXCEL. The software procedure is given below:Ente...

question_answer

Q: what do the mean deviation, variance and standard deviation all have in common? How is this helpful ...

A: Variance, standard deviation and mean deviation:Variance is the average of squared difference of sam...

question_answer

Q: (a) Is the given data nominal, ordinal, interval, or ratio? Explain. The data above is ratio. Explai...

A: In statistics, there are four data measurement scales: nominal, ordinal, interval and ratio.The two ...

question_answer

Q: A better explanation of ANOVA and correlation

A: Analysis of variance (ANOVA) is a technique which is used for separating the total variability in a ...

question_answer

Q: if a couple have three girls, what is the probability that the fourth child will also be a girl?   i...

A: If a couple have three girls, probability that the fourth child will also be a girlFourth child will...

question_answer

Q: What's the Z score and how is it calculated?

A: We know z-score is used in many fields. But we should know what is the meaning of z-score and how to...

question_answer

Q: What are the differences between content validity, construct validity, and concurrent validity?

A: Click to see the answer

question_answer

Q: Two professors are applying for grants. Professor Jane has a probability of 0.66 of being funded. Pr...

A: It is given that probability of Jane funded is 0.66 and probability of Joe funded is 0.29.

question_answer

Q: A sample of 10 people ingested a new formulation of a new drug. Six hours later, the concentrations ...

A: Dot plot:It is a variation in bar chart in which dots are used instead of bars to represent the freq...