Compute the Required Sample Size Given the Required Confidence in the Sample

question 37

Essay

Compute the required sample size given the required confidence in the sample results is 90%.The level of tolerable sampling error is 1% and the estimated population standard deviation is 5.

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Definitions:

Simple Interest

A method of calculating the interest charge on a loan based on the original principal amount and the rate of interest per period.

Annum

A Latin term for year, often used in financial contexts to denote per year.

Deferred Payment

An agreement to postpone payment until a later date, often used in sales and financing arrangements.

Simple Interest

Simple interest is a method of calculating interest where the interest charge is based on the original principal amount and does not accumulate or compound over time.