A direct mail company wishes to estimate the proportion of people on a large mailing list that willpurchase a product. Suppose the true proportion is 0.06.If 224 are sampled, what is the probability that the sample proportion will be less than 0.05? Roundyour answer to four decimal places.

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Answered: A direct mail company wishes to…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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A direct mail company wishes to estimate the proportion of people on a large mailing list that will purchase a product. Suppose the true proportion is 0.06. If 224 are sampled, what is the probability that the sample proportion will be less than 0.05? Round your answer to four decimal places.