Question
In: Statistics and Probability
Bank of America wishes to estimate the proportion of cash withdrawals that exceed $50 at all...
Bank of America wishes to estimate the proportion of cash withdrawals that exceed $50 at all of their ATM machines. They would like to be within 2% of the true proportion with 99% confidence. They know that the true proportion of cash withdrawals that exceed $50 is no more than 30%. How large a sample size is required?
Solutions
Expert Solution
Solution,
Given that,
= 0.30
1 -
= 1 - 0.30 = 0.70
margin of error = E = 0.02
At 99% confidence level
= 1 - 99%
= 1 - 0.99 =0.01
/2
= 0.005
Z/2
= Z0.005 = 2.576
sample size = n = (Z / 2 / E )2 *
* (1 -
)
= (2.576 / 0.02 )2 * 0.30 * 0.70
= 3483.78
sample size = n = 3484
orchestra answered 2 years agoRelated Solutions
The Arizona Highway Patrol wants to estimate what proportion of all drivers exceed the 75 mph...
The Arizona Highway Patrol wants to estimate what proportion of
all drivers exceed the 75 mph speed limit on a stretch of Rt. 40 on
the Arizona side of the state border with New Mexico. For a sample
of 1000 vehicles on a given day, 413 exceeded the speed limit.
Based on this sample, construct a 95% confidence interval for the
percent of vehicles that exceed the speed limit.
A researcher at a major hospital wishes to estimate the proportion of the adult population of...
A researcher at a major hospital wishes to estimate the
proportion of the adult population of the United States that has
high blood pressure. How large a sample is needed to be 90%
confident that the sample proportion will not differ from the true
proportion by more than 5%
A. If no preliminary estimate is available
B. If a recent survey indicated that 43% of the population
suffers from high blood pressure.
A researcher wishes to? estimate, with 99 ?% ?confidence, the population proportion of adults who are...
A researcher wishes to? estimate, with 99 ?% ?confidence, the
population proportion of adults who are confident with their?
country's banking system. His estimate must be accurate within 2 ?%
of the population proportion. ?(a) No preliminary estimate is
available. Find the minimum sample size needed. ?(b) Find the
minimum sample size? needed, using a prior study that found that 36
?% of the respondents said they are confident with their? country's
banking system. ?(c) Compare the results from parts...
A door delivery florist wishes to estimate the proportion of people in his city that will...
A door delivery florist wishes to estimate the proportion of
people in his city that will purchase his flowers. Suppose the true
proportion is 0.06. If 240 are sampled, what is the probability
that the sample proportion will differ from the population
proportion by greater than 0.04? Round your answer
to four decimal places.
A courier service company wishes to estimate the proportion of people in various states that will...
A courier service company wishes to estimate the proportion of
people in various states that will use its services. Suppose the
true proportion is 0.05.
If 219 are sampled, what is the probability that the sample
proportion will differ from the population proportion by more than
0.03? Round your answer to four decimal places.
2) A researcher wishes to be 95% confident that her estimate of the true proportion of...
2) A researcher wishes to be 95% confident that her
estimate of the true proportion of
individuals who travel overseas
is within 2% of the true proportion. Find the sample
size necessary if:
a) No estimate
of the sample proportion is available.
b) In a prior
study a sample of 190 individuals showed that 23 traveled
overseas
last year.
A door delivery florist wishes to estimate the proportion of people in his city that will...
A door delivery florist wishes to estimate the proportion of
people in his city that will purchase his flowers. Suppose the true
proportion is 0.07. If 209 are sampled, what is the probability
that the sample proportion will differ from the population
proportion by greater than 0.04? Round your answer to four decimal
places.
Estimate the duration of Deposit N Bank Balance Sheet Cash = $ 50 Loan M (7%,...
Estimate the duration of Deposit N
Bank Balance Sheet
Cash = $ 50
Loan M (7%, 6 years) = $200
Deposit N (3 years, 2%) = $ 200
Equity = $ 50
Total Assets = $250
Total Liabilities = $ 250
1.94
2.94
3.94
4.94
Goofy's fast food center wishes to estimate the proportion of people in its city that will...
Goofy's fast food center wishes to estimate the proportion of
people in its city that will purchase its products. Suppose the
true proportion is 0.07. If 324 are sampled, what is the
probability that the sample proportion will differ from the
population proportion by more than 0.04? Round your answer to four
decimal places.
A researcher wishes to estimate, with 90% confidence, the population proportion of adults who think the...
A researcher wishes to estimate, with 90% confidence, the
population proportion of adults who think the president of their
country can control the price of gasoline. Her estimate must be
accurate within 4% of the true proportion. a) No preliminary
estimate is available. Find the minimum sample size needed. b)
Find the minimum sample size needed, using a prior study that
found that 32% of the respondents said they think their president
can control the price of gasoline. c) Compare...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- What experience have you had with Organization Development or with Change Management? Describe the organization, the...
- 1. Renfro Rentals has issued bonds that have a 12% coupon rate, payable semiannually. The bonds...
- Given an array of positive integers a, your task is to calculate the sum of every...
- Define “culture.” Software is defined by the Merriam-Webster Dictionary as "the programs that run on a...
- In humans, hypotrichosis (sparse body hair) is a rare autosomal recessive condition. Let h = hypotrichosis...
- Increase all of the listing prices by 5% for all listings under $500,000 and 10% for...
- Samsung Industry that requires you to act as a change agent to form an organizational change...
ADVERTISEMENT