A bank estimated that the standard error for a 95% confidence interval for the proportion of a certain demographic group that may default on a loan is 0.31. The lower confidence limit was calculated as 0.15. What is the upper confidence limit?
Solution :
Given that,
lower limit = 0.15
E = 0.31
A 95% confidence interval for population proportion p is ,
= lower limit + E
= 0.15 + 0.31
= 0.46
upper limit = + E
upper limit = 0.46 + 0.31
upper limit = 0.77
A bank estimated that the standard error for a 95% confidence interval for the proportion of...
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