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You work for a large retailer and have been asked to estimate the proportion of your...

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Basic Math

You work for a large retailer and have been asked to estimatethe proportion of your customers that are less than 30 years old.You have sampled a large number of stores and have found that ofthe 106 customers you have surveyed, 58 are less than 30 yearsold.

Assuming your sample is valid, what is the upper bound of a 99%confidence interval for the population proportion of customers whoare less than 30 years old?
(Report your answer as a decimal and not as a percentage. Forexample, report 0.05 rather than 5%.)

Answer & Explanation Solved by verified expert
4.0 Ratings (670 Votes)
Here the problem is a population proportion problem Here firstwe need to get the sample proportion of people who are less than 30years oldout of 106 customers are surveyed we got 58 customers less than30 yearsHence we can get that 58106 0547 is theproportion of customers who are less than    See Answer
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