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Confidence interval for this company error rate

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Reference no: EM132167229

A company is said to be out of compliance if more than 8% of all invoices contain errors, and it is said to be seriously out of compliance if more than 12% of all invoices contain errors. Suppose an auditor randomly selects a sample of 600 invoices and finds that 84 contained errors.

  • Construct a 95% confidence interval for this company's error rate.
  • How should the company be rated if statements about being out of compliance or seriously out of compliance require 5% level of significance? Note that this involves two separate tests.
  • What is the probability a company would be rated as seriously out of compliance by this test if 15% of all invoices at that company contain errors?
  • What sample size should the auditor use to estimate the error rate to within 2% with 99% confidence if it is assumed that the error rate will be no more than 15%?

Reference no: EM132167229

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