The report “The 2016 Consumer Financial Literacy Survey” (The National Foundation for Credit Counseling, nfcc.org, retrieved October 28, 2016) summarized data from a representative sample of 1668 adult Americans. Based on data from this sample, it was reported that over half of U.S. adults would give themselves a grade of A or B on their knowledge of personal finance. This statement was based on observing that 934 people in the sample would have given themselves a grade of A or B.

a. Construct and interpret a 95% confidence interval for the proportion of all adult Americans who would give themselves a grade of A or B on their financial knowledge of personal finance.

b. Is the confidence interval from Part (a) consistent with the statement that a majority of adult Americans would give themselves a grade of A or B? Explain why or why not.