The Wall Street Journal reported that the age at first startup for 95% of entrepreneurs was 29 years of age or less and the age at first startup for 5% of entrepreneurs was 30 years of age or more. Required:
a. Suppose a sample of 200 entrepreneurs will be taken to learn about the most important qualities of entrepreneurs. Show the sampling distribution of p where p is the sample proportion of entrepreneurs whose first startup was at 29 years of age or less.
b. Suppose a sample of 200 entrepreneurs will be taken to learn about the most important qualities of entrepreneurs. Show the sampling distribution of p where p is now the sample proportion of entrepreneurs whose first startup was at 30 years of age or more.