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 24 students.
(b) A sample of 52 students.
(c) A sample of 96 students.

For each of the sample sizes given, for the population to be regarded as effectively infinite, student population has to be more than

a) 240 students.

b) 1,040 students.

c) 1,920 students.

Step-by-step explanation:

A population may be treated as infinite when the population size, N, is at least 20 times the sample size, n.

Mathematically,

(N/n) > 20

N > 20n

(a) A sample of 24 students.

If sample size = n = 24

For the population size to be effectively infinite,

N > 20n

N > 20×24

N > 480 students

(b) A sample of 52 students.

If sample size = n = 52

For the population size to be effectively infinite,

N > 20n

N > 20×52

N > 1,040 students

(c) A sample of 96 students.

If sample size = n = 96

For the population size to be effectively infinite,

N > 20n

N > 20×96

N > 1,920 students

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