## Related questions with answers

A study conducted several years ago reported that 21 percent of public accountants changed companies within 3 years. The American Institute of CPA's would like to update the study. They would like to estimate the population proportion of public accountants who changed companies within 3 years with a margin of error of 3% and a 95% level of confidence.

a. To update this study, the files of how many public accountants should be studied?

b. How many public accountants should be contacted if no previous estimates of the population proportion are available?

Solution

VerifiedIn this exercise, we need to find the sample size for the population proportion, if the given values are:

Margin error | Level of confidence |
---|---|

$E=3\%$ | $95\%$ |

Since the desired level of confidence is $95\%$, the corresponding value of $z$ is $1.96$.

In part **a)** we know that population proportion is $\pi=21\%$ and in part **b)** that value is unknown.

## Create an account to view solutions

## Create an account to view solutions

## Recommended textbook solutions

#### Statistical Techniques in Business and Economics

15th Edition•ISBN: 9780073401805Douglas A. Lind, Samuel A. Wathen, William G. Marchal#### Statistical Techniques in Business and Economics

17th Edition•ISBN: 9781259666360Douglas A. Lind, Samuel A. Wathen, William G. Marchal#### Statistics for Business and Economics

13th Edition•ISBN: 9781305983038David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams#### Statistics for Business and Economics

13th Edition•ISBN: 9781337359917David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams## More related questions

1/4

1/7