A man earns $112 interest in one year on an investment of $1,400. What was his rate of interest?
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Answer:
The mean for the sampling distribution of the sample proportion is 0.29
The standard deviation for the sampling distribution of the sample proportion is 0.01435
Step-by-step explanation:
The mean for the sampling distribution of the sample proportion is always equal to the true population proportion, in this case; p = 0.29
The standard deviation for the sampling distribution of the sample proportion is calculated as;
Using the given values;
p = 0.29
1 - p = 0.71
n = 1000
The standard deviation becomes;
The s.d becomes 0.01435