A comic book costs $3.99, including tax. It is marked up 45%.
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Answer:
The reasonable range for the population mean is (61%, 75%).
Step-by-step explanation:
The interval estimate of a population parameter is an interval of values that consist of the values within which the true value of the parameter lies with a certain probability.
The mean of the sampling distribution of sample proportion is, .
One of the best interval estimate of population proportion is the 95% confidence interval for proportion,
Given:
n = 150
= 0.68
The critical value of <em>z</em> for 95% confidence level is:
Compute the 95% confidence interval for proportion as follows:
Thus, the reasonable range for the population mean is (61%, 75%).