Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Turn this calculation into a 90% CI The article that I decided to use for this discussion board held a survey to understand how many

Turn this calculation into a 90% CI

The article that I decided to use for this discussion board held a survey to understand how many citizens have the funds for a surprise $1,000 bill. This article can be found through this link Survey: Only 44% in U.S. have enough in savings to cover a surprise $1,000 bill | Lifestyle | nny360.com(Links to an external site.)

Data found: A survey of 1,004 United States citizens found that only 44% of them have enough savings for a $1,000 bill. This was interesting to me due to the random car problems or unexpected health care bills that I have encountered in this lifetime.

This means that n = 1004, and my point estimate of population proportion would be 0.44. This means that my q-hat is 1 - 0.44 = 0.56

I decided to also use a 95% CI which provides me with a critical value of 1.96

After finding my numbers I created the equation 1.96 x sqrt [(0.44)(0.56)]/(1,004) = 1.96(0.01567) = 0.031

This means that with a 95% CI for the true population proportion we would get (0.44-0.031) < p < (0.44+0.031) which gives us (0.409, 0.471)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Chance And Chaos

Authors: David Ruelle

1st Edition

069121395X, 9780691213958

More Books

Students also viewed these Mathematics questions

Question

What are the main steps in the text mining process?

Answered: 1 week ago

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago