SOLUTION: A research company wishes to estimate, with 95% confidence, the proportion of people who have 3 television sets in the home. A previous study of 200 people shows that 30% of those

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Question 452914: A research company wishes to estimate, with 95% confidence, the proportion of people who have 3 television sets in the home. A previous study of 200 people shows that 30% of those interviewed had 3 TV's in the home. The company wants to be accurate within 4% of the true proportion. Find the minimum number of people this company must sample.
Answer by stanbon(75887) About Me  (Show Source):
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A research company wishes to estimate, with 95% confidence, the proportion of people who have 3 television sets in the home. A previous study of 200 people shows that 30% of those interviewed had 3 TV's in the home. The company wants to be accurate within 4% of the true proportion. Find the minimum number of people this company must sample.
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n = [z/E]^2(pq)
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n = [1.96/0.04]^2(0.3*0.7) = 505 when rounded up
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Cheers,
Stan H.