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Strategic business planning is required for the successful transfer of control between generations in family-owned companies....

Strategic business planning is required for the successful transfer of control between generations in family-owned companies. However, a survey of 311 privately held family firms whose annual turnover exceeded one million dollars it was found that 110 had no strategic business plan. Assuming that simple random sampling was employed to determine the sample for the survey, estimate with 85% confidence the proportion of family-owned companies operating without strategic business plans. Give the lower limit only and report your answer correct to three decimal places.

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