Solve the below:
Q: You have been assigned to determine whether more people prefer Coke or Pepsi. Assume that roughly half the population prefers Coke and half prefers Pepsi. How large a sample do you need to take to ensure that you can estimate, with 95% confidence, the proportion of people preferring Coke within 2% of the actual value?
It is given that 0.5 proportion of population prefers Coke and remaining 0.5 proportion of population prefers Pepsi. The sample size formula for estimating the difference between proportions is given by,
n=(2-multiple/B)2[p1est(1-p1est)+p2est(1-p2est)]