Answer:
Absolute error = $25
Step-by-step explanation:
Given that:
Amount spent by John on shopping trip = $75
Estimated amount to spent on shopping trip = $100
Absolute error = Approximate value - Exact value
Here,
Approximate value = $100
Exact value = $75
Absolute error = 100 - 75
Absolute error = $25
Percentage =
Percentage =
Percentage = 33.33%
Hence,
Absolute error = $25
Using the normal distribution, there is a 0.2076 = 20.76% probability that the proportion of persons with a college degree will differ from the population proportion by greater than 3%.
<h3>Normal Probability Distribution</h3>The z-score of a measure X of a normally distributed variable with mean and standard deviation
is given by:
The proportion estimate and the sample size are given as follows:
p = 0.45, n = 437.
Hence the mean and the standard error are:
The probability that the proportion of persons with a college degree will differ from the population proportion by greater than 3% is <u>2 multiplied by the p-value of Z when X = 0.45 - 0.03 = 0.42</u>.
Hence:
By the Central Limit Theorem:
Z = (0.42 - 0.45)/0.0238
Z = -1.26
Z = -1.26 has a p-value of 0.1038.
2 x 0.1038 = 0.2076.
0.2076 = 20.76% probability that the proportion of persons with a college degree will differ from the population proportion by greater than 3%.
More can be learned about the normal distribution at brainly.com/question/28159597
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