A bank employee wanted to estimate the proportion of customers that pay their credit card bill on time. The employee took a random sample of 60 customers and found that 36 did pay their credit card bill on time.

In this question, use a MINIMUM OF 4 DECIMAL PLACES in all your calculations.

a) Check conditions for proportions.

b) Construct and interpret a 99% confidence interval for the population proportion. SHOW BRIEF WORKINGS TO SUPPORT YOUR ANSWER.

Course: STAM4000 Quantitative | X My Subjects > STAM4000 2X 2022 > Assessment 02 - Homework Exercises 2 Question 2 Answer saved Marked out of 3.00 Flag question Quiz navigation 1 2 3 4 5 6 A bank employee wanted to estimate the proportion of customers that pay their credit card bill on time. The employee took a random sample of 60 customers and found that 36 did pay their credit card bill on time. 7 8 9 10 In this question, use a MINIMUM OF 4 DECIMAL PLACES in all your calculations. Finish attempt ... a) Check conditions for proportions. b) Construct and interpret a 99% confidence interval for the population proportion. SHOW BRIEF WORKINGS TO SUPPORT YOUR ANSWER. A BI * a). Conditions 1. Random sample is taken as it is given in the question 2. 10 % rule, we have 60 customers and that is likely less than 10% of all the customers in the bank 3. Normal distribution: n=60 and this is more than the sample size of 30 so, according to the central limit theorem the sample is normally distributed. b ) . Activate Windows Go to Settings to activate Windows