In: Economics
Survey question: Do you prefer tea or coffee as a mid-afternoon hot drink?•Findings: tea = 20%, coffee = 80% and n = 150
•Fill in the sentence: We found that ____% of the sample ___________________. We are very confident that if the survey is repeated a large number of times, 95% of the findings will fall in the range of _____% and _____%.
We found that 20% of the sample prefers tea.
Now, since we have , we have the required confidence interval, with 95% confidence level or equivalently 5% significance leve, as or or or or , ie in percent terms.
Hence, the range would be (approxed) 13.6% and 26.4%.