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59 PM A survey of a random sample of 1280 student loan borrowers found that 218 had loans totaling more than $40,000 for their
59 PM A survey of a random sample of 1280 student loan borrowers found that 218 had loans totaling more than $40,000 for their undergraduate education. (a) Construct and interpret a 95% confidence interval for the true proportion of all student loan borrowers who have loans totaling more than $40,000. Make sure to follow the State, Plan, Do, Conclude steps. (b) Suppose you wanted to estimate the true proportion of all student loan borrowers who have loans totaling more than $40,000 with 95% confidence to within 1%. Calculate the sample size you would need. Use the sample proportion to estimate the population proportion.
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