A manufacturer of MP3 players conducts a set of comprehensive tests on the electrical functions of its product. All MP3 players must pass all tests prior to being sold. Of a random sample of 700 MP3​ players, 14 failed one or more tests. Find a 99​% confidence interval for the proportion of MP3 players from the population that pass all tests.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.