In 2022, XYZ News reported that 57% of US drivers admit to speeding. Suppose that a new satellite technology can instantly measure the speed of any vehicle in the US and determine whether the vehicle is speeding. This satellite technology was used to take a sample of 15,000 vehicles at 5:00pm EST on a recent Wednesday afternoon. Of these 15,000 vehicles, 8839 were speeding. Answer the following questions:
1. What is the point estimate for the proportion of vehicles that were speeding?
2. Using 99% confidence interval, what is the margin of error?
3. Develop the 99% confidence interval estimate of the proportion of vehicles that were speeding.
4. Based on your calculated 99% confidence interval, what can you say about the report by XYZ News?