SOLUTION: After going to a fast food restaurant, customers are asked to take a survey. Out of a random sample of 340 customers, 290 said their experience was �satisfactory.� Let p represent

Question 1120543: After going to a fast food restaurant, customers are asked to take a survey. Out of a random sample of 340 customers, 290 said their experience was �satisfactory.� Let p represent the proportion of all customers who would say their experience was �satisfactory.�
A) What is the point estimate for p?
B) Construct a 99% confidence interval for p.
C) Give brief interpretation of this interval.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Point estimate is the results 290/340 or 0.8529
99% CI ls mean +/- z0.995* sqrt (p*(1-p)/n)
The interval is 2.576*sqrt(0.8529*0.1471/340); sqrt term is 0.0192
The CI is 0.8529-0.0495, 0.8529+0.0495 or (0.8034, 0.9024)
We don't know the true proportion of customers, but we are extremely confident it lies in the above interval.
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