Hans will rent a car for the weekend. He can choose one of two plans. The first plan has an initial fee of $51.96 and costs an a
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Answer:
The minimum sample size needed is 125.
Step-by-step explanation:
In a sample with a number n of people surveyed with a probability of a success of , and a confidence level of
, we have the following confidence interval of proportions.
In which
z is the zscore that has a pvalue of .
The margin of error is:
For this problem, we have that:
99% confidence level
So , z is the value of Z that has a pvalue of
, so
.
What minimum sample size would be necessary in order ensure a margin of error of 10 percentage points (or less) if they use the prior estimate that 25 percent of the pick-axes are in need of repair?
This minimum sample size is n.
n is found when
So
Rounding up
The minimum sample size needed is 125.