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 0.07. If 497 are sampled, what is the probability that the sample proportion will be greater than 0.05? Round your answer to four decimal places.

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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Question
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 0.07.
If 497 are sampled, what is the
probability that the sample proportion
will be greater than 0.05? Round your
answer to four decimal places.
Transcribed Image Text: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 0.07. If 497 are sampled, what is the probability that the sample proportion will be greater than 0.05? Round your answer to four decimal places.
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