9. /1 points MintroStat9 8.E.505.XP My Notes One of your employees has suggested
ID: 3055037 • Letter: 9
Question
9. /1 points MintroStat9 8.E.505.XP My Notes One of your employees has suggested that your company develop a new product. You decide to take a random sample of your customers and ask whether or not there is interest in the new product. The response is on a 1 to 5 scale with 1 indicating "definitely would not purchase": 2, "probably would not purchase; 3, "not sure"; 4, "probably would purchase"; and 5, "definitely would purchase." For an initial analysis, you will record the responses 1, 2, and 3 as "No" and 4 and 5 as "Yes." What sample size would you use if you wanted the 98% margin of error to be 0.13 or less?. (Round your answer up to the nearest whole number.)Explanation / Answer
Given CI Level = 98%
p = 0.5
ME = 0.13
z-value of 98% CI = 2.3263
n = (z/ME)^2*p*(1-p)
= (2.3263/0.13)^2 * 0.5 * (1 -0.5)
= 80
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