Hello,
I will post the question, then my answer. I am doing something wrong. Can anyone help me figure it out?
Question 1. To estimate how many 100,000 potential customers might buy a new product, the product is offered for sale to a random sample of 100 of the potential customers. 15 of the 100 sampled customers buy the product. Based on this data, what is an exact 95% upper confidence limit for the true fraction of potential customers that will buy the product if it is offered?
My incorrect answer:
pc=15/100
se=sqrt(pc*(1-pc)/100)
pc+1.96*se
# [1] 0.219986
# Answer=0.2200
What did I do wrong?
I will post the question, then my answer. I am doing something wrong. Can anyone help me figure it out?
Question 1. To estimate how many 100,000 potential customers might buy a new product, the product is offered for sale to a random sample of 100 of the potential customers. 15 of the 100 sampled customers buy the product. Based on this data, what is an exact 95% upper confidence limit for the true fraction of potential customers that will buy the product if it is offered?
My incorrect answer:
pc=15/100
se=sqrt(pc*(1-pc)/100)
pc+1.96*se
# [1] 0.219986
# Answer=0.2200
What did I do wrong?