Confidence Interval for Proportion and Sample size
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Determine the percentage of Fortune 500 CEO's who think Main University deserves its current popular magazine rating. All 500 CEO's receive a questionnaire and only 100 respond. Exactly half of the respondents believe the ranking is deserved.
a) construct a 99% confidence interval for the fraction of Fortune 500 CEO's who believe MU deserves its ranking.
b) Suppose again that we want to estimate the fraction of Fortune 500 CEO's who believe MU deserves its ranking. Our goal is to have a 5% chance of having our estimate be in error by more than .02. What sample size do we take. Please use the attached data and sheet to answer.
See the attached file.
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Solution Summary
The solution provides step-by-step method for the calculation of confidence interval for proportion and sample size. Formula for the calculation and Interpretations of the results are also included. Interactive Excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.
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