An institute reported that 63% 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.
B. The probability is 70% that the sample percentage will be contained within what symmetrical limits of the population percentage?
The probability is 70% that the sample percentage will be contained above ____% and below ____%.
solution
p = 0.63 , q = 0.37, n = 100
Mean = p = 0.63
standard deviation = sqrt(npq) = 0.0483
for middle 70%
z = 1.04
lower value = 0.63-1.04*0.0483 = 0.5798
upper value = 0.63+1.04*0.0483 = 0.6802
The probability is 70% that the sample percentage will be contained above 57.98 % and below 68.02%
An institute reported that 63% of its members indicate that lack of ethical culture within financial...
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