Homework Help: stat

Posted by me,me on Saturday, August 20, 2011 at 12:05pm.

A company’s CEO wanted to estimate the percentage of defective product per shipment. In a sample containing 500 products, he found 30 defective products.

(a) Find a 98% confidence interval for the true proportion of defective product. Show your calculations and/or explain the process used to obtain the interval.
(b) Interpret this confidence interval and write a sentence that explains it.

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