The housing market in the Bay Area is absolutely insane! The competition for houses is sometimes so great that buyers will offer to pay much more than the asking price for a house. According to the...

The housing market in the Bay Area is absolutely insane! The competition for houses is sometimes so great that buyers will offer to pay much more than the asking price for a house. According to the website openhouse.com, 236 of the 339 houses sold involved buyers paying over the asking price. Use this data to estimate the percentage of buyers who paid over the asking price in the Bay Area.

1. Use the information provided to construct a 99% confidence interval estimate of the percentage of buyers who paid over the asking price in the Bay Area.