Find the length indicated.
1 answer:
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The price of a painting in the year 2022 will be $ 568,000.
<h3>What is inflation?</h3>A rise in the amount of a certain product or service is known as inflation.
Given data;
Cost of painting in the year 2021, P₁ = $560,000
Cost of painting in the year 2022, P₂ =?
The amount increases every year,x = $8,000
The cost of painting in the year 2022 is found as;
P₂ = P₁ + x
P₂= $560,000 + $8,000
P₂ = $ 568,000
Hence the price of a painting in the year 2022 will be $ 568,000.
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Answer:
And rounded up we have that n=20545
Step-by-step explanation:
Assuming this question: Use the data to find minium sample size required to estimate population proportion. Margin of error: 0.009, confidence level: 99%, p and q are unknown.
Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
Solution to the problem
In order to find the critical value we need to take in count that we are finding the interval for a proportion, so on this case we need to use the z distribution. Since our interval is at 99% of confidence, our significance level would be given by and
. And the critical value would be given by:
The margin of error for the proportion interval is given by this formula:
(a)
And on this case we have that and we are interested in order to find the value of n, if we solve n from equation (a) we got:
(b)
Assuming an estimation of p as . And replacing into equation (b) the values from part a we got:
And rounded up we have that n=20545