SOLUTION: 1. 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

Algebra ->  Probability-and-statistics -> SOLUTION: 1. 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       Log On


   

Question 1047078: 1. 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 a brief interpretation of this interval.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
a. = 290/340 = 29/34
b.
n= 340
p=29/34
q= 5/34
Z(a/2) = 2.576
E= 2.576%2Asqrt%28%2829%2F34%29%2A%285%2F34%29%2F340%29
p-E< p < p + E
This would represent the Interval of the Population "Satisfaction" probability

= CI z = value
90% z =1.645
92% z = 1.751
95% z = 1.96
98% z = 2.326
99% z = 2.576