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Using the z-distribution, as we are working with a proportion, the 95% confidence interval for the proportion of consumers who would buy the product at it's proposed price is (0.3016, 0.3830).
<h3>What is a confidence interval of proportions?</h3>A confidence interval of proportions is given by:
In which:
is the sample proportion.
- z is the critical value.
- n is the sample size.
In this problem, we have a 95% confidence level, hence, z is the value of Z that has a p-value of
, so the critical value is z = 1.96.
179 out of 523 members indicated they would buy the new product at the proposed price, hence:
Then the bounds of the interval are found as follows:
More can be learned about the z-distribution at brainly.com/question/25890103