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harina [27]
3 years ago
6

You wish to estimate a population proportion with a confidence interval with a margin of error no larger than 0.03. You have a b

udget of $5000 for collecting sample data with which to determine the interval estimate. Collection c sample data in similar situations has cost $10 per item. A plot sample yielded a sample proportion of 0.75. Using the largest possible sample (given the budget) and p^dot = 0.75, the confidence level that you can have in your estimate is: 0.9394. 0.4394. 0.8788. 0.1212.
Mathematics
1 answer:
NikAS [45]3 years ago
8 0

Answer:

The answer is 0.8788

Step-by-step explanation:

<em>From question given, let us recall the following:</em>

<em>We know that  Ƶα /2  * √p (1-p)/n</em>

<em>when we use  n≤  5000/10 =500</em>

<em> P = 0.75</em>

<em>The Margin of error = 0.03</em>

<em>Putting this values together we arrive at </em>

<em> Ƶα/2 = 0.03/√0.75 * 0.25/500 </em>

<em>= 1.549</em>

<em>Now,</em>

<em>Ф (1.549) = 0.9394</em>

<em>Therefore the confidence level becomes:</em>

<em> 1- (1-∝)/2 = 0.9394</em>

<em>∝ = 0.8788</em>

<em>The answer is 0.8788</em>

<em />

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