A firm wishes to survey college students to find the proportion of students who have tasted Coke Zero. What should be the sample size if the desired margin of error is +/- 4% at a confidence level of 95%. (Hint: Assume that the proportion “p” is 0.5.)
How do I solve this?
Calculating sample size?
n = [Zα/2/E]²(p(p-1)) where E = ±0.04 and Zα/2 = 1.96
You would use p = 0.50 ONLY if you did not have an estimate of the population p, because this will give you the maximum sample size. If you have a reasonable estimate of p then use that.
Using worse case, p = 0.50,
n = [1.96/0.04]²(0.50)(0.50) ≈ 600
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