Assignment:
Toyota provides an option of a sunroof and side air bag package for its Corolla model. This package costs $1400 ($1159 invoice price). Assume that prior to offering this option package, Toyota wants to determine the percentage of Corolla buyers who would pay $1400 extra for the sunroof and side air bags. How many Corolla buys must be surveyed if we want to be 95% confident that the sample percentage is within four percentage points of the true percentage for all Corolla buyers?
Provide complete and step by step solution for the question and show calculations and use formulas.