A chocolate company has created a new brand of chocolate bar and they are conducting a market
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Question:
A chocolate company has created a new brand of chocolate bar and they are conducting a market test to determine if consumers like the new bar. A sample of 650 consumers was taken and 312 of them said they liked the new bar. Construct a 98% confidence interval for the proportion of consumers that like the new chocolate bar.
- In blank #1 enter the upper limit of the confidence interval. (Enter your answer a percent, rounded to 2 decimal places and include the percent sign.)
- In blank #2 enter the lower limit of the confidence interval. (Enter your answer a percent, rounded to 2 decimal places and include the percent sign.)
- In order for the company to launch the chocolate bar on the open market, the company requires that 60% of consumers like the new bar. Should the company proceed with the launch? Enter "yes" or "no" in blank #3.
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