Question

In a study of government financial aid for college​ students, it becomes necessary to estimate the percentage of​ full-time college students who earn a​ bachelor's degree in four years or less. Find the sample size needed to estimate that percentage. Use a 0.04 margin of error and use a confidence level of 95​%. Complete parts​ (a) through​ (c) below.

a. Assume that nothing is known about the percentage to be estimated. ​(Round up to the nearest​ integer.)

N=600

b. Assume prior studies have shown that about 60​% of​ full-time students earn​ bachelor's degrees in four years or less.

​(Round up to the nearest​ integer.)

Answer 1

Solution:

We are given:

is the critical value at 0.05 significance level

a. Assume that nothing is known about the percentage to be estimated. ​(Round up to the nearest​ integer.)

Answer:

Since nothing is known about the percentage to be estimated, therefore, the estimated proportion is 0.5

b. Assume prior studies have shown that about 60​% of​ full-time students earn​ bachelor's degrees in four years or less.

Answer: