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The chairman of the board wants to poll the stockholders to see what percentage are in favor of the policies of the current corporate president. How many shareholders must he survey if 20 percent are expected to return their questionaires and he wants to be within 2 percentage points of the percentage he would get if he were to survey the entire body of shareholders? Let the level of confidence be 95%.

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First calculate the standard error for sample mean. The formula is
(p*q/n)^0.5
Since, the Chairman is willing to find which side the poll will go, we will take the worst situation i.e. ...

Solution Summary

The chairman of the board wants to poll the stockholders to see what percentage are in favor of the policies of the current corporate president. How many shareholders must he survey if 20 percent are expected to return their questionaires and he wants to be within 2 percentage points of the percentage he would get if he were to survey the entire body of shareholders? Let the level of confidence be 95%.

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