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A hardware store CEO claims that only 5% of customers that enter the store spend over $1000. A survey of 370 customer showed that 20
A hardware store CEO claims that only 5% of customers that enter the store spend over $1000. A survey of 370 customer showed that 20 customers spent over $1000 on their trip to the store.Assuming the CEO's claim is correct, determine (to 4 decimal places):
1. the standard error for the sampling distribution of the proportion. 2. the probability that the sample proportion is no more than that found in the survey.
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