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A Car Insurance Company Would Like to Determine the Proportion

question 61

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A car insurance company would like to determine the proportion of accident claims covered by the company.According to a preliminary estimate,60 percent of the claims are covered.How large a sample should be taken to estimate the proportion of accident claims covered by the company if we want to be 98 percent confident that the sample percentage is within ±3 percent of the actual percentage of the accidents covered by the insurance company?


Definitions:

SQI Instruction

An instruction in some programming languages or PLCs used to perform a sequential input operation or process.

SQO Instruction

A sequencer output instruction used in PLC programming to output a sequence of bits or words to control devices.

Sequencer Input

An input to a system that determines the sequence in which operations or events are to occur, often used in automated or programmed processes.

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