To monitor a close election between two candidates, a news organization decides to take an opinion poll using a random sample of potential voters. The news organization wants the estimate be very precise—within ±1 percentage point (i.e. ±.01) with a 95% confident interval. What is the necessary sample size for this? Note: a close election assumes that either candidate has a 50 percent (i.e. p=.5) chance of winning.

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A: Solution

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.