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In: Statistics and Probability

In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment. However,...

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.

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

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Expert Solution

We have given,              
              
x=241          
n=1005          
Estimate for sample proportion=0.2398  
Level of significance is =0.05      
Z critical value(using Z table)=1.96      
              
Confidence interval formula is              


=(0.2134,0.2662)
              
Lower limit for confidence interval=0.2134  
              
Upper limit for confidence interval=0.2662  

We are 95% confident that population proportion gold the best long-term investment is between 21.34% to 26.62%


orchestra answered 2 years ago
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