Television viewers often express doubts about the validity of
certain commercials. In an attempt to answer their critics, a large
advertiser wants to estimate the true proportion of consumers who
believe what is shown in commercials. Preliminary studies indicate
that about 40% of those surveyed believe what is shown in
commercials. What is the minimum number of consumers that should be
sampled by the advertiser to be 98% confident that their estimate
will fall within 3% of the true population proportion? (Please give
the formula you are using)
