In an election there are two candidates. Being a statistician, you are interested in predicting the result of the election. So, you plan to conduct a survey. Using the learning skill of this course answer the following question. How many people should be surveyed to be at least 90% sure that the estimate is within 0.03 of the true value?
To solve this problem, we'll use the concept of sampling distribution, specifically the binomial distribution, since we have two possible outcomes (voting for Candidate A or Candidate B) and we want to estimate the proportion of people voting for one candidate.
Let's denote:
- \( p \) as the proportion of people voting for one candidate (let's say Candidate A).
- \( n \) as the sample size (the number of people surveyed).
- \( \hat{p} \) as the sample proportion.
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