You have collected data for the 50 U.S. states and estimated the following relationship between the change in the unemployment r
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The sample size needed to obtaing a 95% confidence interval that is within 8 percentage points of the true proportion is given by:
where: p is a previously known proportion about the population,
is the 95% z-statistics, B is the bound of error = 8.
Because, we have no prior knowledge about the true proportion of the population, we use 50%.
Thus,
Therefore, the number of <span>randomly selected sales transactions that must be surveyed to determine the percentage that transpired over the internet </span><span><span>within eight percentage points of the true population percentage for all sales transactions</span> with a 95% confident</span> is 151.
where: p is a previously known proportion about the population,
Because, we have no prior knowledge about the true proportion of the population, we use 50%.
Thus,
Therefore, the number of <span>randomly selected sales transactions that must be surveyed to determine the percentage that transpired over the internet </span><span><span>within eight percentage points of the true population percentage for all sales transactions</span> with a 95% confident</span> is 151.