Determining sample size required

Reference no: EM1319318

1. The independent Department Store wants to determine the proportion of their charge accounts having unpaid balance of $500.00 or more. A sample of 250 accounts revealed that 100 of them had unpaid balance of $500 or over. What is the 99% confidence interval for the population proportion?

2. The manager of the A & B Supermarket wants to estimate the mean time a customer spends in the store. A 95% confidence level must be used. The standard deviation of the population based on a pilot survey is estimated to be 3.0 minutes. The manager requires the estimate to be within 1.0 minutes of the population value. What sample size is needed?

Reference no: EM1319318

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