47) A local outdoor equipment store is being sold. The buyers are trying to estimate the...

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47) A local outdoor equipment store is being sold. The buyers are trying to estimate the percentage of items that are outdated. They will randomly sample among its 100,000 items in order to determine the proportion of merchandise that is outdated. The current owners have never determined their outdated percentage and cannot help the buyers. Approximately how large a sample do the buyers need in order to insure that they are 95% confident that the margin of error is within 5% (that is, they want their confidence interval to be +/- .05)? a) 664 b) 258 c) 384 d) 1327 47) A local outdoor equipment store is being sold. The buyers are trying to estimate the percentage of items that are outdated. They will randomly sample among its 100,000 items in order to determine the proportion of merchandise that is outdated. The current owners have never determined their outdated percentage and cannot help the buyers. Approximately how large a sample do the buyers need in order to insure that they are 95% confident that the margin of error is within 5% (that is, they want their confidence interval to be +/- .05)? a) 664 b) 258 c) 384 d) 1327