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You wish to estimate the proportion of US taxpayers who receive the Earned Income Tax Credit...

You wish to estimate the proportion of US taxpayers who receive the Earned Income Tax Credit (EITC). You want to make the estimate at 90% confidence with an error of 1% (0.01). You have no idea what the true proportion is. How large a sample do you need?
Math   Statistics-And-Probability   
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Answer #1

Concept to used:

1.If we have no any idea of true proportion(p) then always assume the estimate of proportion be 0.5

2.error stands for margin error(m) in case of confidence interval

3.find out value of Z(alpha/2) at given level of significance

4. use the formula to get the value of sample size

5.the formula used and calculation part is given as

However This is the conservative procedure because the product p̂(1−p̂) takes its highest value when p̂ = 0.5. The conservative procedure may give you a sample size larger than necessary.

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