A Retirement Condence Survey of 1153 workers and retirees in the United States 25 years of age and older conducted by Employee Benet Research Institute in January 2010 found that 496 had less than $10,000 in savings (a) Obtain a point estimate for the population proportion of workers and retirees i...

a p x n 4961153 0430 b The sample size n 1153 is less than 5 of the population and n p 1 p ...

A Retirement Condence Survey of 1153 workers and retirees in the United States 25 years of age

Question:

A Retirement Conﬁdence Survey of 1153 workers and retirees in the United States 25 years of age and older conducted by Employee Beneﬁt Research Institute in January 2010 found that 496 had less than $10,000 in savings.

(a) Obtain a point estimate for the population proportion of workers and retirees in the United States 25 years of age and older who have less than $10,000 in savings.

(b) Verify that the requirements for constructing a conﬁdence interval about p are satisﬁed.

(c) Construct a 95% conﬁdence interval for the population proportion of workers and retirees in the United States 25 years of age and older who have less than $10,000 in savings.

(d) Interpret the interval.