investment A save £160 per month for 2 years. 2.5% interest is added to the total amount saved. Investment B invest £3800. Compo
und interest is added at 3% each year
1 answer:
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Answer:
n=6147
Step-by-step explanation:
1) Notation and definitions
number of citrus trees that are infected with the citrus red mite.
random sample taken
estimated proportion of citrus trees that are infected with the citrus red mite.
true population proportion of citrus trees that are infected with the citrus red mite.
Me=0.01 represent the margin of error desired
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".
The population proportion have the following distribution
In order to find the critical values 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 95% of confidence, our significance level would be given by and
. And the critical values 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)
And replacing into equation (b) the values from part a we got:
And rounded up we have that n=6147