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Normal Distribution and Significance Levels True of False

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.

Solution Preview

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 ...

Solution Summary

The solution answers the question(s) below.