Answer:
Sample size, n = 543
Step-by-step explanation:
We are given the following in the question:
Margin of error = 5%
Confidence interval:
[tex]\hat{p}\pm z_{stat}\sqrt{\dfrac{\hat{p}(1-\hat{p})}{n}}[/tex]
Margin of error =
[tex]z_{stat}\sqrt{\dfrac{\hat{p}(1-\hat{p})}{n}}[/tex]
Since no particular proportion is given, we take
[tex]\hat{p} = 0.5[/tex]
[tex]z_{critical}\text{ at}~\alpha_{0.02} =\pm 2.33[/tex]
Putting values, we get,
[tex]2.33 \times \sqrt{\dfrac{0.5(1-0.5)}{n}} = 0.05\\\\\sqrt{n} = \dfrac{2.33\times 0.5}{0.05}\\\\\sqrt{n} = 23.3\\\Rightarrow n = 542.89\approx 543[/tex]
Thus, the sample size must be 543 so the sample proportion is will not differ by 5%