A large home improvement store wants to decide if it should expand the selection of moving products like cardboard boxes and packing tape. The store wanted to construct a 95% confidence interval to estimate the proportion of people who have moved houses at least once in the last 5 years. In its sample of 620 customers, 201 replied that they had moved at least once in the last 5 years. Required:
What is true regarding the value of the point estimate and standard error of the percentage of customers who have moved in the last 5 years?