An iron bench was marked up 100% from an original cost of $95. If Hannah bought the iron bench and paid 10% sales tax, how much
1 answer:
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Answer:
And we can conclude at 95% of confidence that the true proportion of interest for this case is between 0.287 and 0.613
Step-by-step explanation:
The estimated proportion of interest is
We need to find a critical value for the confidence interval using the normla standard distributon. For this case we have 95% of confidence, then the significance level would be given by and
. And the critical value is:
The confidence interval for the true population proportion is interest is given by this formula:
Replacing the values provided we got:
And we can conclude at 95% of confidence that the true proportion of interest for this case is between 0.287 and 0.613