Explain how large a sample should be taken to estimate

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Q. A car insurance industry would like to find out the proportion or accident claims covered by the industry. According to a preliminary estimate 60% of the claims are covered. The preliminary n is 62. Explain how large a sample should be taken to estimate the proportion of accident claims covered by the industry if we want to be 98% confident that the sample percentage is w/in (+-)3% of the accidents covered by the insurance industry?

Reference no: EM13108969

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