Alexander and Eliza each opened a savings account with a deposit of $100

Mathematics

1 answer:

Temka [501]3 years ago

6 0

Eliza will have $106 after 3 years
Alexander will have $107.50 after 3 years
Alexander had $1.50 more than Eliza

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Determine the sample size needed to construct a 90% confidence interval to estimate the population proportion when p = 0.65 and

WINSTONCH [101]

Answer:

n=170

Step-by-step explanation:

1) Notation and definitions

$n$ random sample taken (variable of interest)

$\hat p=0.65$ estimated proportion.

$p$ true population

A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".

The margin of error is the range of values below and above the sample statistic in a confidence interval.

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

The population proportion have the following distribution

$p \sim N(p,\sqrt{\frac{\hat p(1-\hat p)}{n}})$

In order to find the critical value we need to take in count that we are finding the interval for a proportion, so on this case we need to use the z distribution. Since our interval is at 90% of confidence, our significance level would be given by $\alpha=1-0.90=0.1$ and $\alpha/2 =0.05$ . And the critical value would be given by: