The chamber of commerce in a beach resort town wants to estimate the proportion of visitors who are repeat visitors.
Suppose that they have estimated that they need a sample size of n=16,577 people to achieve a margin of error of .01 percentage points with 99 percent confidence, but this is too large a sample size to be practical. How can they reduce the sample size?
A) Use a higher level of confidence
B) Use a smaller margin or error
C) Use a lower level of confidence
D) Conduct a census
Question 2
The results of a census of 2,500 employees of a mid-sized company with 401(k) retirement accounts are as follows:
Account Balance
(to nearest ) Male Female
25,000 635 495
25,000-49,999 185 210
50,000-99,999 515 260
100,000 155 45
Suppose researchers are going to sample employees from the company for further study.
Based on the relative frequency assessment method, what is the probability that a randomly selected employee will be a female?
A) 0.1580
B) 0.1040
C) 0.6160
D) 0.4040
