One of your employees has suggested that your company develop a new product. You

Question

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 99% margin of error to be 0.19 or less?. (Round your answer up to the nearest whole number.)

Explanation / Answer

for above as we do not know eestimated proportion p=0.5

margin of error E =0.19

for 99% CI, z=2.5758

hence sample size n=p(1-p)(z/E)2 =~46

please reply for doubt

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