Raquel is going on a vacation. She is trying to figure out how much money to bring along. She plans to spend $120 on hotels, $45
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Answer:
The confidence interval would be given by this formula
For the 95% confidence interval the value of and
, with that value we can find the quantile required for the interval in the normal standard distribution.
The margin of error for this case is given by:
And replacing we got:
And replacing into the confidence interval formula we got:
And the 95% confidence interval would be given (0.4941;0.5459).
Step-by-step explanation:
Data given and notation
n=1000 represent the random sample taken
estimated proportion of of U.S. employers were likely to require higher employee contributions for health care coverage
represent the significance level (no given, but is assumed)
Solution to the problem
The confidence interval would be given by this formula
For the 95% confidence interval the value of and
, with that value we can find the quantile required for the interval in the normal standard distribution.
The margin of error for this case is given by:
And replacing we got:
And replacing into the confidence interval formula we got:
And the 95% confidence interval would be given (0.4941;0.5459).