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StatisticsSTATISTICS F/BUSINESS+ECONOMICS-TEXTA 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?BuyFind*arrow_forward*

13th Edition

Anderson

Publisher: CENGAGE L

ISBN: 9781305881884

Chapter 8, Problem 58SE

Textbook Problem

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?

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Show all chapter solutions

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