SOLUTION: Past surveys reveal that 40% of Florida winter vacationers spend more than $3000 per month on accommodation. Florida tourism wants to update this information. Using the 90% confide

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Question 1162075: Past surveys reveal that 40% of Florida winter vacationers spend more than $3000 per month on accommodation. Florida tourism wants to update this information. Using the 90% confidence level and an error of 5%, what is the necessary sample size?
Please could you help me with the correct answer and the explanation?
Thank you
Mean 3000
E 0,40
z = 1,645
p = 0,5
n = 4,2282E+00
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
half-interval is z*sqrt(0.40*0.60/n)=0.05
z=1.645
square both sides, move the n to the right and 0.05 to the denominator on the left.
2.706*0.24/0.0025=n=259.77 or 260 people