Suppose you wanted to estimate a binomial proportion, p, correct ...

[geoffrey]

Question 1

A local men's clothing store is being sold. The buyers are trying to estimate the percentage of items that are outdated. They will choose a random sample from the 100,000 items in the store's inventory in order to determine the proportion of merchandise that is outdated. The current owners have never determined the percentage of outdated merchandise and cannot help the buyers. How large a sample do the buyers need in order to be 95% confident that the margin of error of their estimate is within 3%?

Question 2

Suppose you wanted to estimate a binomial proportion, p, correct to within .03 with probability 0.90. What size sample would need to be selected if p is known to be approximately 0.7?

[milbourne11]

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Only 50% of students answer this correctly

[geoffrey]

Thanks for the timely response, appreciate it

[ryhom]

Excellent