Question
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.
Solutions
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 1 year agoRelated Solutions
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