SOLUTION: It has been reported that many college freshmen indicate they will major in business or a related field. A random sample of 400 incoming college freshmen was asked their preference

Question 760393: It has been reported that many college freshmen indicate they will major in business or a related field. A random sample of 400 incoming college freshmen was asked their preference in a major, and 95 replied that they were considering business as a major. Find the 99% confidence interval of the true proportion of incoming college freshmen who choose business or a related field as a major.
Answer by reviewermath(1029) (Show Source): You can put this solution on YOUR website!
Q:
It has been reported that many college freshmen indicate they will major in business or a related field. A random sample of 400 incoming college freshmen was asked their preference in a major, and 95 replied that they were considering business as a major. Find the 99% confidence interval of the true proportion of incoming college freshmen who choose business or a related field as a major.
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A:
For the lower limit, enter the following formula into an Excel spreadsheet:
=95/400 + normsinv(.005)*sqrt((95/400)*(1-95/400)/400)
For the upper limit, enter the following formula into an Excel spreadsheet:
=95/400 - normsinv(.005)*sqrt((95/400)*(1-95/400)/400)
The 99% CI is (0.1827,0.2923)
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