A soccer ball has a wholesale price of $14 and is marked up 115% before it is sold. If Joe purchases the soccer ball with a 5.5%
2 answers:
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Given:
Population proportion,
= 57% = 0.57
Population standard deviation, σ = 3.5% = 0.035
Sample size, n = 40
Confidence level = 95%
The standard error is
The confidence interval is
where
= sample proportion
z* = 1.96 at the 95% confidence lvvel
The sample proportion lies in the interval
(0.57-1.96*0.0783, 0.57+1.96*0.0783) = (0.4165, 0.7235)
Answer: Between 0.417 and 72.4), or between (41% and 72%)
Population proportion,
Population standard deviation, σ = 3.5% = 0.035
Sample size, n = 40
Confidence level = 95%
The standard error is
The confidence interval is
where
z* = 1.96 at the 95% confidence lvvel
The sample proportion lies in the interval
(0.57-1.96*0.0783, 0.57+1.96*0.0783) = (0.4165, 0.7235)
Answer: Between 0.417 and 72.4), or between (41% and 72%)