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Margin of Error & Sample Size

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Assume that a sample is drawn and z(±/2) = 1.96 and ? = 20. Answer the following questions:

(A) If the Maximum Error of Estimate is 0.02 for this sample, what would be the sample size?

(B) Given that the sample Size is 400 with this same z(?/2) and Ï?, what would be the Maximum Error of Estimate?

(C) What happens to the Maximum Error of Estimate as the sample size gets smaller?

(D) What effect does the answer to C above have to the size of the confidence interval?

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Solution Summary

The solution provides step by step method for the calculation of margin of error 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.