Question

In: Statistics and Probability

​Fireman's Fund commissioned an online survey of 1,050 wealthy homeowners to find out what they knew...

​Fireman's Fund commissioned an online survey of 1,050 wealthy homeowners to find out what they knew about their insurance coverage. Complete parts​ (a) through​ (c) below.

​(a) When asked whether they knew the replacement value of their​ home, 62​% replied yes. In this​ case, should​ Fireman's Fund conclude that more than half of wealthy homeowners know the value of their​ homes? Find the 95​% confidence interval for the parameter of interest.

The 95​% confidence interval for the parameter of interest is ​(__​, __​). ​(Round to six decimal places as​ needed.)

Solutions

Expert Solution

Solution:

n = 1050

p = 0.62

z = 1.96

95​% confidence interval = p z

= 0.62 1.96

= 0.62 1.96 * 0.014979

= 0.62 0.029359

= ( 0.590640 , 0.649359)

orchestra answered 2 years ago
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