Question
In: Statistics and Probability
Please use ONLY one Excel file to answer the below questions. ( including the formula using...
Please use ONLY one Excel file to answer the below questions. ( including the formula using for Excel)
In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment. In April of 2013 Gallup surveyed a random sample of U.S. adults. 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. By contrast, only 91 chose bonds.
- Compute the standard error for each sample proportion. Compute and describe a 95% confidence interval in the context of the question.
- Do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorability rate, or do you think this is just sample variability? Explain.
- Suppose we want to increase the margin of error to 3%, what is the necessary sample size?
- Based on the sample size obtained in part c, suppose 120 respondents chose gold as the best long-term investment. Compute the standard error for choosing gold as the best long-term investment. Compute and describe a 95% confidence interval in the context of the question.
- Based on the results of part d, do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorability rate, or do you think this is just sample variability? Explain.
Thank you in advance!
Solutions
orchestra answered 1 year agoRelated Solutions
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