A <u>lump-sum payment</u> is when you write a check for a large amount due all at one time.
<h3>What is a check?</h3>
An order written on a specially printed form to a bank to pay a specified sum from the drawer's account.
They are also known as negotiable instrument. Checks are written instead of giving direct money, they are then deposited in bank and converted into cash.
Thus, A <u>lump-sum payment</u> is when you write a check for a large amount due all at one time.
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Based on the information given, it should be noted that a 95% confidence means we are at least 95% sure that the true value of proportion will lie in the interval.
<h3>
What does the confidence level mean?</h3>
When we repeat the sampling 100 times and draw a confidence Interval for each one of them, at least 95 confidence intervals will contain the true value of the proportion. This is what we mean by being 95% confident
Also, when we have a random sample of 5. It implies that the condition of randomness is met and they are independent as well. Since the sample size is very small, the condition of a large sample is not satisfied.
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