For the given confidence level and values of x and n, find the following.=x47, =n99, confidence level 80%Part: 0 / 30 of 3 Parts CompletePart 1 of 3(a) Find the point estimate. Round the answers to at least four decimal places, if necessary.The point estimate for the given data is .
Question
For the given confidence level and values of x and n, find the following.=x47, =n99, confidence level 80%Part: 0 / 30 of 3 Parts CompletePart 1 of 3(a) Find the point estimate. Round the answers to at least four decimal places, if necessary.The point estimate for the given data is .
Solution
The point estimate in statistics is the single best guess of a parameter. In this case, the parameter is the population proportion. The point estimate is found by calculating the ratio of x (the number of "successes") to n (the total number of trials).
Given: x = 47 (number of successes) n = 99 (total number of trials)
The point estimate (p̂) is calculated as follows:
p̂ = x/n p̂ = 47/99
Now, let's calculate this:
p̂ = 0.4747
So, the point estimate for the given data is 0.4747.
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