A well-known bank credit card firm wishes to estimate the proportion of credit card holders who carry a nonzero balance at the end of the month and incur an interest charge.Assume that the desired margin of error is .03 at 98% confidence.a. How large a sample should be selected if it is anticipated that roughly 70% of thefirm’s card holders carry a nonzero balance at the end of the month?b. How large a sample should be selected if no planning value for the proportion couldbe specified?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.