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According to Franchise business review, over 50% of all food franchises earn a profit ofless...

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Finance

According to Franchise business review, over 50% of all food franchises earn a profit ofless than $50,000 a year. In a sample of 142 casual dining restaurants, 81 earned a profitof less than $50,000 last year.a. What is the point estimate of the proportion of casual dining restaurants that earned aprofit of less than $50,000 last year?b. Determine the margin of error and provide a 95% confidence interval for theproportion of casual dining restaurants that earned a profit of less than $50,000last year

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