Coupons driving visits. A store randomly samples 603 shoppers over the course of a year and...

Coupons driving visits. A store randomly samples 603 shoppers over the course of a year and finds that 142 of them made their visit because of a coupon they'd received in the mail. Construct a 95% confidence interval for the fraction of all shoppers during the year whose visit was because of a coupon they'd received in the mail.

Step 1: check conditions True or false: Since the data come from a random sample, independence is satisified.

Step 1: check conditions True or false: We have at least 10 successes (142) and 10 failures (603 - 142 = 461), so the success-failure condition is satisfied.

Step 1: check conditions True or false: Since both conditions above are satisfied, we can assume a normal distribution.

Step 2: compute sample statistics What is p̂ (round to the first three decimal places)

Step 3: compute the standard error What is the standard error (SE)? (round to the first four decimal places)

Step 4: find z* For a 95% confidence interval, what is z*?

Step 5: Compute the Margin of Error What is the margin of error (ME)? (round to four decimal places)

Step 6: Compute the confidence interval What is the lower bound of the confidence interval? (round to three decimal places)

Step 6: Compute the confidence interval What is the upper bound of the confidence interval? (round to three decimal places)

Use complete sentences to interpret the confidence interval in the context of this problem.

Expert Solution

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orchestra answered 1 year ago

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