Elliot borrowed $3800 from the bank for 3 years at a 4.25% simple interest rate?
1 answer:
You might be interested in
Using the z-distribution, as we are working with a proportion, it is found that 1016 constituents are required.
<h3>What is a confidence interval of proportions?</h3>A confidence interval of proportions is given by:
In which:
is the sample proportion.
- z is the critical value.
- n is the sample size.
The margin of error is given by:
In this problem, we have a 95% confidence level, hence, z is the value of Z that has a p-value of
, so the critical value is z = 1.96.
The estimate is of , while the margin of error is of M = 0.03, hence solving for n we find the minimum sample size.
Rounding up, 1016 constituents are required.
More can be learned about the z-distribution at brainly.com/question/25890103