3% simple annual interest paid on $250
1 answer:
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Answer:
ρ = 35% or 0.35
ρ with ^ = or equivalently 46%
Step-by-step explanation:
ρ represents the population proportion of the bus riders, with a monthly pass, who are students.
The population proportion is simply the percentage of the entire population with a particular characteristic. We have been informed that in a city, 35% of the bus riders with a monthly pass are students. This means that 35% of the whole population of bus riders with a monthly pass are students. Therefore, our ρ is simply 35% or 0.35.
ρ with ^ represents the sample proportion of the bus riders, with a monthly pass, who are students. This is a statistic or an estimator as it is normally used to estimate the value of ρ, the population proportion. It is calculated using the formula;
ρ with ^ =
where n represents the size of the sample and x the number of individuals in the sample with a certain desired characteristic. We have been informed that;
in a random sample of 50 bus riders with monthly passes, 23 are students.
Using the above formula and the values given we have;
ρ with ^ = or equivalently 46%