You plan to conduct a poll to determine the fraction of people interested in your new product (5 points) Suppose you ask n people if they are interested in your new product. Let denote the answers for E (1.-n). (X. = I mention they are interested and Xi = 0 means they are not). Given the responses, how would you estimate the fraction of people interested in your new product a b. (10 points) Let W, denote your estimate based on n responses above. Using the Chebyshev inequality, find a lower bound for the number of people needed to ensure that P{\W-W. < 0.05) > 0.95, where W denotes the actual underlying fraction of people interested in your product.
