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In: Statistics and Probability

According to statistics reported on CNBC, a surprising number of motor vehicles are not covered by insurance (CNBC, February 23, 2006)


According to statistics reported on CNBC, a surprising number of motor vehicles are not covered by insurance (CNBC, February 23, 2006). Sample results, consistent with the 6 of 200 vehicles were not covered by insurance. 

 a. What is the point estimate of the proportion of vehicles not covered by insurance? 

 b. Develop a 95% confidence interval for the population proportion.

Solutions

Expert Solution

a)
Point estimate = 46/200 = 0..23

b)

z value at 95% = 1.96

CI = p +/- z * sqrt(p*(1-p)/n)
= 0.23 +/- 1.96 * sqrt(0.23 * (1-0.23)/200)
= (0.1717 , 0.2883)

The 95% Ci is (0.1717 , 0.2883)

orchestra answered 2 years ago
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