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The target population is all students in your university

Finance

The target population is all students in your university. You wish to estimate the average current Visa balance for each student. How large would the university student population have to be in order to be regarded as effectively infinite in each of the following samples?

 

(a) A sample of 6 students.

(b) A sample of 58 students.

(c) A sample of 103 students.

 

Needed size of the student population

 

6 students; 58 students; 103 students

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Population size N is regarded as effectively infinite if N is at least 20 times sample size (n)

so N/n ≥ 20 => N ≥ 20n

so N should be at least 20n

 

a) By using Rule of thumb,

Minimum needed value of N to be regarded as effectively infinite for sample of 6 students is 20n i.e 20*6 = 120

University students are more than 120.

 

b) By using Rule of thumb,

Minimum needed value of N to be regarded as effectively infinite for sample of 58 students is 20n i.e 20*58 = 1,160

University students are more than 1,160.

 

c) By using Rule of thumb,

Minimum needed value of N to be regarded as effectively infinite for sample of 103 students is 20n o.e 20*103 = 2,060

University students are more than 2,060.

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