In a study of homeowners, 500 were randomly chosen. It was found that 23% of the people did not have a mortgage and owned their homes outright. Determine whether 23% is a statistic or a parameter.

A

It is a parameter because the value describes a characteristic of a population.

B

It is a statistic because the value describes a characteristic of a sample.

C

It is a parameter because the value describes a characteristic of a sample.

D

It is a statistic because the value describes a characteristic of a population.