2. A university dean is interested in determining the proportion of students who receive some sort of financial aid. Rather than examine the records for all students, the dean randomly selects 200 students and finds that 118 of them are receiving financial aid. If the dean wanted to estimate the proportion of all students receiving financial aid to within 3% with 99% reliability, how many students would need to be sampled?

The number of students to be sampled is

Step-by-step explanation:

From the question we are told that

  The margin of error is  E = 0.03

Generally the proportion of students that receive financial aid is mathematically represented as  

=>        

From the question we are told the confidence level is  99% , hence the level of significance is    

=>  

Generally from the normal distribution table the critical value  of   is  

Generally the sample size is mathematically represented as

=>  

=>