A university dean is interested in determining the proportion of students who receive some sort of financial aid. Rather than examine the records for all students, the dean randomly selects 200 students and finds that 118 of them are receiving financial aid. Use a 99% confidence interval to estimate the true proportion of students on financial aid.
a. .59 .007
b. .59 .090
c. .59 .003
d. .59 .623
p^=118/200=0.59. For a 99% confidence level, z=2.576. Given n=200. so, we can compute ...
This solution contains step-by-step calculations to determine the true proportion of students on financial aid using the confidence interval, sample size and initial value of students.