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The newspaper regularly surveys students about how much they spend on textbooks for a given academic semester. Last year, they reported that their sample indicated
The newspaper regularly surveys students about how much they spend on textbooks for a given academic semester. Last year, they reported that their sample indicated that 70% of students spent more than $500 on textbooks for a given semester. a. If you wanted to update the survey for this year and make a 96% confidence interval for the proportion of students who spent more than $500 on textbooks in a semester with a margin of error of 0.05, how many students would you have to survey if you expect the sample proportion to be roughly the same, 70%? i. Round up to the nearest integer, even if your answer has a decimal of less than 0.5, and keep at least 4 decimal places for inputs into your calculations, when possible. Now say you think textbook prices are very different this year from previous years and you have no idea what the sample proportion might be. In this case how many students would you have to survey if you want a 96% confidence interval with a maximum margin of error of 0.05? i. round up to the nearest integer, even if your answer has a decimal of less than 0.5, and keep at least 4 decimal places for inputs into your calculations, when possible
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