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suppose a clothing store wants to determine the current percentage of customers who are over the age of forty. how many customers should the company survey in order to be 98% confident that the estimated (sample) proportion is within 2 percentage points of the true population proportion of customers who are over the age of forty?

Answer :

The company survey 307 customers in order to get 98% confidence.

Sample proportion (p) = 0.5 (as no estimate is given)

α = 1 - 92% = 0.08.    Therefore, α/2 = 0.08/2 = 0.04

Z(α/2) = Z(0.04) = 1.751

Estimate = 5% = 0.05

Now, E = Z(α/2) * sqrt (p(1-p)/n)

n = (1.751/0.05)2 * 0.5 * (1-0.5)

n = 307

Hence, the company should survey 307 customers in order to be 98% confident that the estimated (sample) proportion is within 2 percentage points of the true population proportion of customers who are over the age of forty.

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