A noted psychic was tested for extrasensory perception. The psychic was presented with 200 cards face down and asked to determin
e if each card were one of five symbols: a star, a cross, a circle, a square, or three wavy lines. The psychic was correct in 50 cases. Let p represent the probability that the psychic correctly identifies the symbol on the card in a random trial. Assume the 200 trials can be treated as a simple random sample from the population of all guesses the psychic would make in his lifetime. How large a sample n would you need to estimate p with a margin of error of 0.01 with 95% confidence? Use the hypothesized value p = 0.20 as the value for p*.
