T8.4 Many television viewers express doubts about the validity of certain commercials. In an attempt to answer their critics, Timex Group USA wishes to estimate the proportion of consumers who believe what is shown in Timex television commercials. Let p represent the true proportion of consumers who believe what is shown in Timex television commercials. What is the smallest number of consumers that Timex can survey to guarantee a margin of error of 0.05 or less at a 99%

confidence level?

(a) 550

(b) 600

(c) 650

(d) 700

(e) 750