If the proportion of Mastercard transactions in a sample of various credit card transactions is equal to 0.192 and the sample size is 114, what is the margin of error for the corresponding 94% confidence interval to estimate the proportion iof Mastercard transations in the population? Assume that the conditions for the sampling distribution to be approximately normal are satisfied. Use Excel to calculate and round your answer to 4 decimals.

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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.