The distributive property of 64+24
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Answer:
The sample size required is 289.
Step-by-step explanation:
Let <em>p</em> be population proportion of people that would buy the product.
It is provided that the nationwide poll on this type of product and price was run earlier this year, with percentages running from 75% to 80%.
Assume that the sample proportion of people that would buy the product is, .
A 95% Confidence Interval is to be constructed with a margin of error of 5%.
We need to determine the sample size required for the 95% Confidence Interval to be within 5% of the actual value.
The formula to compute the margin of error for a (1 - <em>α</em>)% confidence interval of population proportion is:
The critical value of <em>z</em> for 95% confidence interval is,
<em>z</em> = 1.96.
Compute the sample size required as follows:
Thus, the sample size required is 289.