Estimate of the percentage rather than peter''s estimate

Reference no: EM13215781

Peter, the head of a survey organization, is planning to do a survey to estimate the percentage of people who intend to vote for the federal Liberal Party in an upcoming by-election. He wants the estimate of the percentage to be correct to within 2%, 19 times out of 20. At first, Peter has absolutely no idea what fraction of the population will vote Liberal. However, Peter's assistant Janice believes that the Liberal Party will receive approximately 75% of the vote in that riding. If survey costs are $10 per person, how much money can be saved by using Janice's estimate of the percentage rather than Peter's estimate of "no idea"?

Reference no: EM13215781

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