A state DOT wants to audit contracts to assess the percent that have had all requirements fulfilled within the last five years. a. What is the population of interest? b. How should the contracts be...

A state DOT wants to audit contracts to assess the percent that have had all requirements fulfilled within the last five years.

a. What is the population of interest? b. How should the contracts be chosen so that the audited contracts can be used to make inferences about the population? c. How many contracts need to be audited to attain a standard deviation for the estimated percentage of compliant contracts less than or equal to .05? (Hint: The standard deviation of pˆ is p p ( ) 1− /n . The value of p that gives the largest standard deviation is .5.)