As part of a statistics project, a 6th grade teacher brings to class a container with 300 red marbles and 500 white marbles which are thoroughly mixed. To figure out how many marbles in the container are red without actually counting them all, a student randomly draws 40 marbles from the container. Of the 40 marbles drawn, 16 are red.
Suppose that the student is given the N-value. What is a reasonable estimate for the number of red marbles in the container?
◦ 320
◦ 480
◦ 107
◦ 300
◦ none of these