Cybersecurity is a critical business issue that demands the attention of an institution's Chief Executive Officer and the Board of Directors. According to a PwC study, 33% of financial services institutions say their Board is involved in the review of security and privacy risks. (Data extracted from Managing cyber risks in an interconnected world, available at pwc.to/1L3woHX.)

a. If you conduct a follow-up study to estimate the population proportion of financial institutions with Boards involved in the review of security and privacy risks, would you use a π of 0.33 or 0.50 in the sample size formula?

b. Using you answer in part (a), find the sample size necessary to estimate, with 95% confidence, the population proportion to within ±0.03.