The formula to calculate the sample size using Slovin's Formula is:
\[ n = \frac{N}{1 + N \cdot e^2} \]
Where:
Slovin's formula is a mathematical formula used to calculate the sample size needed when conducting a survey or experiment. It is used to estimate the number of observations or responses needed to accurately represent a population when the population size is large and the exact number of the population is known. The formula takes into account the desired margin of error and provides a sample size that minimizes the error in the results.
Let's assume the following values:
Using the formula to calculate the sample size:
\[ n = \frac{1000}{1 + 1000 \cdot (0.05)^2} = 285.71 \]
The sample size (n) is approximately 285.71.