Estimate the true percentage of people

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Reference no: EM131427217

In 2002 the Veritas Software company found out that its chief financial officer did not actually have the MBA he had listed on his resume. They fired him, and the value of the company's stock dropped 19%. Kroll, Inc., a firm that specializes in investigating such matters, said that they believe as many as 25% of background checks might reveal false information.

How many such random checks would they have to do to estimate the true percentage of people who misrepresent their backgrounds to within with 98% confidence?

Reference no: EM131427217

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