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Financial investment ~ Kevin is looking to invest his money in a local investment company called...

Financial investment ~ Kevin is looking to invest his money in a local investment company called Robin Hood financial services. To ensure his investment is safe and has good returns, he wants to randomly survey people who invested with the company and ask whether they would recommend the company for investment.

Kevin wants to estimate the actual proportion of people who recommend Robin Hood financial services for investment.

To calculate the required sample size, what value of p*{"version":"1.1","math":"<math xmlns="http://www.w3.org/1998/Math/MathML"><mi>p</mi><mo>*</mo></math>"} should we use in the formula below to calculate a 90% confidence interval within 7.06 percentage points? Give exact answer as a decimal.

n=p*(1−p*)(z*ME)2

math   Statistics-And-Probability   
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Answer #1

As there is no prior known value of p*, we assume that p* = 0.5   

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