Question 8.24

8.24 Customer preferences for your new product.

A sample of 50 potential customers was asked to use your new product and the product of the leading competitor. After one week, they were asked to indicate which product they preferred. In the sample, 30 potential customers said that they preferred your product.

  1. Find the sample proportion.
  2. What is the margin of error for 95% confidence?
  3. Find the 95% confidence interval for the proportion of potential customers who prefer your product.