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Exercise 1: Suppose we wish to assess whether more than 60% of all U.S. households in...

Exercise 1: Suppose we wish to assess whether more than 60% of all U.S. households in a particular income class bought life insurance last year. An insurance survey is based on 100 randomly selected U.S. households in the income class and 64 bought life insurance last year. Assuming p = 0.60, 1) What the mean for the sampling distribution of proportions? 2) What is the standard deviation for the sampling distribution of proportions? 3) What is the probability of observing a sample proportion that is at least 0.64?

Step 1: Population proportion? Sample proportion? Sample size?

Step 2: Check assumptions.

Step 3: Calculate Z score.

Step 4: Find the corresponding probability on Normal Table. Step 4: Decide whether need to subtract from 1.

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