To put this in perspective, imagine two buckets, each filled with 100,000 red and white marbles....

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To put this in perspective, imagine two buckets, each filled with 100,000 red and white marbles. In one bucket, the ratio of red to white marbles is exactly 1:1, and in the other it is not 1:1. Imagine further that I hand you a sample of 300 marbles drawn randomly from one of the two buckets (I don't tell you which one), and that 133 of the marbles are red and 167 are white. How confident are you that the sample I handed you did not come from the bucket in which the true ratio of red to white marbles is truly1:1? Would you wager $10,000 on your ability to make the correct decision? To put this in perspective, imagine two buckets, each filled with 100,000 red and white marbles. In one bucket, the ratio of red to white marbles is exactly 1:1, and in the other it is not 1:1. Imagine further that I hand you a sample of 300 marbles drawn randomly from one of the two buckets (I don't tell you which one), and that 133 of the marbles are red and 167 are white. How confident are you that the sample I handed you did not come from the bucket in which the true ratio of red to white marbles is truly1:1? Would you wager $10,000 on your ability to make the correct decision?