When Determining Sample Size We Need to Know $\hat { \mathrm { p } }$

question 59

Essay

When determining sample size we need to know $\hat { \mathrm { p } }$ . If we have no prior information, what are two methods that can be used?

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Definitions:

Annual Simple Interest

Interest calculated once a year on the principal sum, without compounding.

Earned

Received as a result of work or effort.

Simple Interest Rate

The rate at which simple interest is calculated, usually on an annual basis.

Borrowed

Funds taken as a loan from a lender with the agreement to pay back with interest.