When Determining the Sample Size, If the Population Standard Deviation

question 52

True/False

When determining the sample size, if the population standard deviation, s, is unknown and an estimate is used, the standard deviation should be re-estimated once the sample has been drawn.Next a revised confidence interval should be calculated to determine the precision level actually obtained.

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Definitions:

Annual Interest Rate

The percentage increase in money owed or invested over a year, accounting for the cost of borrowing or the gain on savings.

Compounded

In finance, refers to a method where interest earned is added to the principal, so that, from that moment on, the interest that has been added also earns interest.

Exponential Rate

The rate at which something grows or decays, characterized by a constant ratio over equal increments of time.