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Normal Distribution and Significance Levels True of False

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True or false:

A retailer wants to estimate with 99% confidence the number of people who buy at his store. A previous study showed that 15% of those interviewed had shopped at his store. He wishes to be accurate within 3% of the true proportion. The minimum sample size necessary would be 940.

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Solution Summary

The normal distribution and significance levels are examined. The minimum sample size which is necessary are determined. The solution answers the question(s) below.

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The statement is false. To get the minimum sample size we could use the following formula:

n = ((p*(1-p)*z)/m)^2

Where 'n' is the required ...

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