A newspaper conducted a statewide survey concerning a proposal to raise taxes to prevent budget cuts to education. The newspaper took a random sample (assume it is an SRS) of 1200 registered voters and found that 580 would vote to raise taxes. Let p represent the proportion of registered voters in the state that would vote to raise taxes.
How large a sample n would you need to estimate p with margin of error 0.01 with 95% confidence? Use the guess p = 0.5 as the value for p.