Determine the expected value of the amount that could be paid to Louis Matthew in a settlement.

Q. 3.
Consider the sample of 850 past negligence cases. Suppose you are willing to let the 75%
estimate be within .03 (3%) of the true proportion. You are willing to assume 95% confidence.
a. Is 850 an adequate sample size for the estimate of 75%? Show why or why not.
b. Construct a 95% confidence interval on the estimate of 75%. How would you interpret it?
3A)
use normal binomial distribution and find the N
Find confidence Interval (use the tables provided)
Tell us about what is and why we use normal distribution and reference it

3B) upper and lower bounds

Q. 4.
Determine the expected value of the amount that could be paid to Louis Matthew in a settlement.
Use the 75% probability figure. Also, determine a maximum and minimum expected value for the
settlement figure based on the confidence interval above. Be sure to include all of the damages
Louis Matthew will be able to recover. How would you interpret your expected values?
use answer from Q 3B to answer this question

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