Question

To receive full credit on the confidence intervals, you must show each of the following: a. The critical value (3 points) b.
5.) A random sample of 56 credit-card holders showed that 41 regularly paid their credit-card bills on time. a.) Let p repres
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Answer #1

Solution :

Given that,

n = 56

x = 41

a ) Point estimate = sample proportion = \hat p = x / n = 41 / 56 = 0.732

1 - \hat p = 1 - 0.732 = 0.268

b) At 90% confidence level the z is,

\alpha = 1 - 90%

\alpha = 1 - 0.90 = 0.10

\alpha/2 = 0.05

Z\alpha/2 = Z 0.05 = 1.645

Margin of error = E = Z\alpha / 2 * \sqrt ((\hat p * (1 - \hat p )) / n)

= 1.645 * (\sqrt((0.732 * 0.268 ) / 56 )

= 0.097

A 90% confidence interval for population proportion p is ,

\hat p - E < p < \hat p + E

0.732 - 0.097 < p < 0.732 + 0.097

0.635 < p < 0.829

The 90% confidence interval for the population proportion p is : 0.64, 0.83 ( round to at least hundredths )

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