Answer:
The minimum approximate size to reach a maximum estimation error of 0.03 and a 99% confidence is 752 units
Step-by-step explanation:
In calculating the sample size to estimate a population proportion in which there is no information on an initial sample proportion, the principle of maximum uncertainty is assumed and a ratio [tex]P = 1/2[/tex] is assumed. The expression to calculate the size is:
[tex] n=\frac{z_{\alpha /2}^2}{4 \epsilon^2} [/tex]
With
Z value (for 0.005) [tex] Z _ {\alpha / 2} = 1.64485 [/tex]
Significance level [tex] \alpha = 0.01 [/tex]
Estimation error [tex] \epsilon = 0.03 [/tex]
[tex] n=\frac{(1.64485)^2}{(4)(0.03)^2} = 751.5398[/tex]
The minimum approximate size to reach a maximum estimation error of 0.03 and a 99% confidence is 752 units
