Question
In: Statistics and Probability
An institute reported that 61% of its members indicate that lack of ethical culture within financial...
An institute reported that 61% of its members indicate that lack of ethical culture within financial firms has contributed most to the lack of trust in the financial industry. Suppose that you select a sample of 100 institute members. Complete parts (a) through (d) below.
a. What is the probability that the sample percentage indicating that lack of ethical culture within financial firms has contributed the most to the lack of trust in the financial industry will be between 58% and 62%?
(Type an integer or decimal rounded to four decimal places as needed.)
b. The probability is 80% that the sample percentage will be contained within what symmetrical limits of the population percentage?
The probability is 80% that the sample percentage will be contained above _ and below _
(Type integers or decimals rounded to one decimal place as needed.)
c. The probability is 91% that the sample percentage will be contained within what symmetrical limits of the population percentage?
The probability is 91% that the sample percentage will be contained above _ and below _
(Type integers or decimals rounded to one decimal place as needed.)
d. Suppose you selected a sample of 400 institute members. How does this change your answers in (a) through
(c)?
A.
An increase in sample size decreases the standard error, causing the value of the answer to part (a) to increase and the ranges in parts (b) and (c) to narrow.
Your answer is correct.
B.
An increase in sample size increases the standard error, causing the value of the answer to part (a) to increase and the ranges in parts (b) and (c) to widen.
C.
An increase in sample size decreases the standard error, causing the value of the answer to part (a) to decrease and the ranges in parts (b) and (c) to narrow.
D.
An increase in sample size increases the standard error, causing the value of the answer to part (a) to decrease and the ranges in parts (b) and (c) to widen.
Solutions
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