Modern Business Statistics with Microsoft Excel (MindTap Course List)
5th Edition
ISBN: 9781285433301
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
Publisher: Cengage Learning
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Chapter 8, Problem 58SE
A well-known bank credit card firm wishes to estimate the proportion of credit card holders who carry a nonzero balance at the end of the month and incur an interest charge. Assume that the desired margin of error is .03 at 98% confidence.
- a. How large a sample should be selected if it is anticipated that roughly 70% of the firm’s card holders carry a nonzero balance at the end of the month?
- b. How large a sample should be selected if no planning value for the proportion could be specified?
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Chapter 8 Solutions
Modern Business Statistics with Microsoft Excel (MindTap Course List)
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