In a 2018 study, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, D.C.; and Lexington
Question:
In a 2018 study, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, D.C.; and Lexington Park, Maryland as the four U.S. cities with the highest percentage of millionaires (Kiplinger website, https://www.kiplinger.com/slideshow/investing/T064-S001-where-millionaires -live-in-america-2018/index.html). The following data show the following number of millionaires for samples of individuals from each of the four cities.
a. What is the estimate of the percentage of millionaires in each of these cities?
b. Using a .05 level of significance, test for the equality of the population proportion of millionaires for these four cities. What is the p-value and what is your conclusion?
Step by Step Answer:
Statistics For Business & Economics
ISBN: 9781337901062
14th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran