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Compute a point estimate for ?

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Reference no: EM132135909

Is there a way to approach this problem in Excel:

The Marriott Hotel marketing team wants to estimate ρ, the proportion of the hotel guests who were return visitors in the past three years. They select a simple random sample of 150 guests from the past three year's records and finds that 27 of the sampled guests are return visitors.

  1. Compute a point estimate for ρ.
  2. What are the upper and lower bounds for the 90% confidence interval for ρ (4 decimals)?

Reference no: EM132135909

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