In a study of Dallas area restaurants conducted over a five year period, 118 of the restaurants in a sample of 515 new restaurants failed within the first year (source: restaurant edge. com).
a. Build a 90% confidence interval estimate of the proportion of all new Dallas area restaurants that failed in the first year during this period and identify the margin of error for your interval.
b. If 12,000 new restaurants opened in the Dallas area during this five year period, show the 90% confidence interval for the number of new Dallas area restaurants that failed in the first year and identify the margin of error for your interval.