A University Planner Is Interested in Determining the Percentage of Spring

question 92

Essay

A university planner is interested in determining the percentage of spring semester students who will attend summer school.She takes a pilot sample of 160 spring semester students discovering that 56 will return to summer school.
a.
Construct a 95% confidence interval estimate for the percentage of spring semester students who will return to summer school.
b.
Using the results of the pilot study with a .95 probability, how large of a sample would have to be taken to provide a margin of error of 3% or less?

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Definitions:

Rate of Return

The gain or loss of an investment over a specified period, expressed as a percentage of the investment's initial cost.

Cost Savings

A reduction in costs achieved through effective resource management, often resulting in increased profit margins.

Cash Payback

The period of time required for the cash flows from a capital investment to repay the initial investment cost.

Straight-Line Method

Depreciation method in which periodic depreciation is the same for each year of the asset’s useful life.