SOLUTION: Please help....I've been trying to figure this problem out all afternoon and I have reached my limit. The National Council of Small Businesses is interested in the proportion of

Question 438470: Please help....I've been trying to figure this problem out all afternoon and I have reached my limit.
The National Council of Small Businesses is interested in the proportion of small businesses that declared Chapter 11 bankruptcy in a certain year. Let p be the proportion of small businesses that declared Chapter 11 bankruptcy.
a. If no preliminary sample is taken, how large a sample is needed to be 95% sure that sample proportion will be within 10% of p?

b. In a preliminary random sample of 38 businesses, it was found that six had declared Chapter 11. How many more small businesses should be included to be 95% sure that the sample proportion is within 10% of p?

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Chapter 11 bankruptcy in a certain year. Let p be the proportion of small businesses that declared Chapter 11 bankruptcy.
-----------------------
a. If no preliminary sample is taken, how large a sample is needed to be 95% sure that sample proportion will be within 10% of p?
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Since E = z*sqrt(pq/n)
---
sqrt(n) = z*sqrt(pq)/E
----
n = [z/E]^2(pq)
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Your Problem:
n = [1.96/0.10]^2
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