Question: In order to estimate the proportion of entering students who graduate within six years, the administration at a state university examined the records of 600 randomly selected students who entered the university six years ago, and found that 312 had graduated.
a. Give a point estimate of the six-year graduation rate, the proportion of entering students who graduate within six years.
b. Assuming that the sample is sufficiently large, construct a 98% confidence interval for the six-year graduation rate.