A Cereal Company Is Marketing a New Breakfast Food $99 \%$

Short Answer

A cereal company is marketing a new breakfast food. In a random sample of 250 people who have tried the product, 175 said that they would buy it again. What can we state with $99 \%$ confidence about the maximum
size of our error if we use the sample proportion $\frac{175}{250}=0.70$ as an estimate of the actual population proportion of people who will buy the product a second time?