See attached data file.
A market research consultant hired by the Pepsi-Cola Co. is interested in determining the proportion of consumers who favor Pepsi-Cola over Coke Classic in a particular urban location. A random sample of 250 consumers from the market under investigation is provided in P09_17.xlsx.
Construct a 90% confidence interval for the proportion of all consumers in this market who prefer Pepsi. Interpret this confidence
interval for Pepsi-Cola's market researchers.
The solution provides step by step method for the calculation of confidence interval for population proportion. Formula for the calculation and Interpretations of the results are also included. Interactive excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.