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What is the probability that estimated proportion is less

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Reference no: EM131694051

Question: A bank that employs many part-time tellers is concerned about the increasing number of errors made by the tellers. To estimate the proportion of errors made in a day, a random sample of 400 transactions on a particular day was checked. The proportion of the transactions with errors was computed. If the true proportion of transactions that had errors was 6% that day, what is the probability that the estimated proportion is less than 5%?

Reference no: EM131694051

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