Students Who Major in Business It has been reported that 20.4% of incoming freshmen indicate that they will major in business or a related field. A random sample of 260 incoming college freshmen were asked their preference, and 73 replied that they were considering business as a major. Estimate the true proportion of freshman business majors with 96% confidence. Round intermediate calculations to three decimal places and final answers to one decimal place.

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A: Solution

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.