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Consider the sample of 700 past negligence cases. Suppose you are willing to let the 80%...

Consider the sample of 700 past negligence cases. Suppose you are willing to let the 80% estimate be within .04 (4%) of the true proportion. You are willing to assume a 99% confidence.

a. Is 700 an adequate sample size for the estimate of 80%? Show why or why not.

b. Construct a 99% confidence interval on the estimate of 80%. How would you interpret it?

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