Question

In a study, Phoenix Marketing International identified Bridgeport, Connecticut; San Jose, California; Washington, DC; and Lexington Park, Maryland, as the four U.S. cities with the highest percentage of millionaires (Kiplinger website). Consider a sample of data that show the following number of millionaires for samples of individuals from each of the four cities. City Bridgeport,San Jose,Washington,Lexington Park, MillionaireCTCAD.C.MD Yes45333634 No455267364366 a. What is the estimate of the percentage of millionaires in each of these cities (to 1 decimal)

Answer 1

Answer:

The estimate of the percentage of millionaires in each of these cities:

                          Bridgeport      San Jose    Washington    Lexington Park

                                CT                 CA               D.C.                MD

Percentage of

Millionaires             9%                 12%              9%                 8.3%

Step-by-step explanation:

Data and Calculations:                            City

                            Bridgeport,     San Jose,   Washington,   Lexington Park,

Millionaire                   CT                 CA              D.C.                 MD

Yes                             45                  36               36                    33

No                              455               264             364                 367

Sample                      500               300             400                 400

Percentage of

 Millionaires            45/500         36/300         36/400           33/400

=                               0.09               0.12             0.09            0.0825

=                                 9%                 12%              9%               8.3%