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Crescent Company reported total sales for the current year to be $5,000,000, including cash sales of $1,000,000. Management esti
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Answer:
The 98% confidence interval for population proportion of people who refuse evacuation is {0.30, 0.33].
Step-by-step explanation:
The sample drawn is of size, <em>n</em> = 5046.
As the sample size is large, i.e. <em>n</em> > 30, according to the Central limit theorem the sampling distribution of sample proportion will be normally distributed with mean and standard deviation
.
The mean is:
The confidence level (CL) = 98%
The confidence interval for single proportion is:
Here = critical value and <em>α </em>= significance level.
Compute the value of <em>α</em> as follows:
For <em>α</em> = 0.02 the critical value can be computed from the <em>z</em> table.
Then the value of is ± 2.33.
The 98% confidence interval for population proportion is:
Thus, the 98% confidence interval [0.30, 0.33] implies that there is a 0.98 probability that the population proportion of people who refuse evacuation is between 0.30 and 0.33.