In: Statistics and Probability
In 2011, when the Gallup organization polled a random sample of investors, 34% rated gold the best long-term investment. However, in April of 2013 Gallup surveyed another random sample of investors. Respondents were asked to select the best long-term investment from a list of possibilities. Only 241 of the 1005 respondents chose gold as the best long-term investment. • Compute the standard error of the sample proportion. • Compute and describe a 95% confidence interval in the context of the case. • Do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorable rate, or do you think this is a sample variability? Explain your answer using the calculated statistics.