Please submit your Excel file and highlight your answers in color. Brief Case Has Gold Lost...

Please submit your Excel file and highlight your answers in color. Brief Case Has Gold Lost its Luster? In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment. However, 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.

A. With 95% confidence, compute the margin of error of the sample proportion.

B. Compute and describe a 95% confidence interval in the context of the case.

C. 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.

D. Suppose the Gallup organization wants to offer a new investment option and wants to estimate, to within 5%, the proportion of customers who are likely to make this new investment with 95% confidence. How large a sample do they need?

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orchestra answered 1 year ago

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