Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You may need to use the appropriate appendix table or technology to answer this question. Credit card ownership varies across age groups. Suppose that the

image text in transcribed
You may need to use the appropriate appendix table or technology to answer this question. Credit card ownership varies across age groups. Suppose that the estimated percentage of people who own at least one credit card is 64% in the 18-24 age group, 82% in the 25-34 age group, 75% in the 35-49 age group, and 77% in the 50+ age group. Suppose these estimates are based on 465 randomly selected people from each age group, (a) Construct a 95% confidence interval for the proportion of people in the 18-24 age group who own at least one credit card. (Round your answers to four decimal places.) 0.5964 to 0.6836 Construct a 95% confidence interval for the proportion of people in the 25-34 age group who own at least one credit card. (Round your answers to four decimal places.) 0.5759 X to 0.6641 X Construct a 95% confidence interval for the proportion of people in the 35-49 age group who own at least one credit card. (Round your answers to four decimal places.) 0.7106 to 0.7894 Construct a 95% confidence interval for the proportion of people in the 50+ age group who own at least one credit card. (Round your answers to four decimal places.) 0.7317 to 0.8083 (b) Assuming the same sample size will be used in each age group, how large would the sample need to be to ensure that the margin of error is 0.03 or less for each of the four confidence intervals? (Round your answer up to the nearest integer.)

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

Calculus Single And Multivariable

Authors: Deborah Hughes Hallett, Andrew M Gleason, William G McCallum, Daniel E Flath, Patti Frazer Lock, Sheldon P Gordon, David O Lomen, David Lovelock, Brad

6th Edition

1118475712, 9781118475713

More Books

Students also viewed these Mathematics questions

Question

=+d) Why does the no trend model from Exercise 40 no longer work?

Answered: 1 week ago

Question

Do not pay him, wait until I come

Answered: 1 week ago

Question

Do not get married, wait until I come, etc.

Answered: 1 week ago

Question

Do not come to the conclusion too quickly

Answered: 1 week ago