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    Sample Size Estimation

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    A well known bank credit card firm wishes to estimate the proportion of credit card holders who carry a nonzero balance at the end of the month and incur and interest charge. Assume that the desired margin of error is .03 at 98% confidence.

    (a) How large a sample should be selected if it is anticipated that roughly 70% of the firm's card holders carry a non-zero balance at the end of the month?
    (b) How large a sample should be selected if no planning value for the proportion could be specified?

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    Solution Summary

    Estimation of sample size based on proportion.