Question

A university dean is interested in determining the proportion of students who receive some sort of financial aid. Rather than examining the records for all the students, the dean who randomly selects 76 students and finds that 58 out of 76 are receiving financial aid. Calculate the standard error of your estimate. 3.7061

Answer 1

Standard error (S.E) = 0.048 ≅ 0.05

Explanation:

Explanation:-

Given sample size 'n'=76

Given the dean who randomly selects 76 students and finds that 58 out of 76 are receiving financial aid.

Sample proportion

`p = (x)/(n) = (58)/(76) = 0.7631`

The standard error is determined by

`S.E = \sqrt{(p(1-p))/(n) }`

`S.E = \sqrt{(0.763(0.2369)/(76) }`

Standard error is 0.048 ≅ 0.05