Find confidence interval for true proportion of racing cars
A sample of 400 racing cars showed that 80 of them cost over $700,000. What is the 99% confidence interval for the true proportion of racing cars that cost over $700,000? Give an interpretation for this confidence interval.
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An actuary determines that the claim size for a certain class of accidents is a random variable, X, with moment generating function. Determine the standard deviation for the claim size for this class of accidents.
What is the 99% confidence interval for the true proportion of racing cars that cost over $700,000? Give an interpretation for this confidence interval.
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