SOLUTION: Toyota provides an opinion of a sunroof and side airbag package for its corolla model. This package cost $1400 (1159 invoice price). Assume that prior to offering this option, Toyo
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-> SOLUTION: Toyota provides an opinion of a sunroof and side airbag package for its corolla model. This package cost $1400 (1159 invoice price). Assume that prior to offering this option, Toyo
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Question 1058505: Toyota provides an opinion of a sunroof and side airbag package for its corolla model. This package cost $1400 (1159 invoice price). Assume that prior to offering this option, Toyota wants to determine the percentage of corolla buyers who would pay $1400 extra for the sunroof and side airbag. How many corolla buyers must be surveyed if we want to be 92% confident that the sample percentage is within four percentage points of the true percentage for all corolla buyers? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! The CI for a proportion is zsqrt(p*(1-p))/n}, 1.75 is z
0.04=1.75 * sqrt term
square both sides
0.0016=3.0625*.5*.5/n. We use 0.5, since p*(1-p) is maximum (largest sample size) for p=0.5
0.0016n=1.53125
n=957.03, round to 958.
