50(1.05)t < 100 how much growth or decay
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Answer:
We can claim with 95% confidence that the proportion of executives that prefer trucks is between 19.2% and 32.8%.
Step-by-step explanation:
We have a sample of executives, of size n=160, and the proportion that prefer trucks is 26%.
We have to calculate a 95% confidence interval for the proportion.
The sample proportion is p=0.26.
The standard error of the proportion is:
The critical z-value for a 95% confidence interval is z=1.96.
The margin of error (MOE) can be calculated as:
Then, the lower and upper bounds of the confidence interval are:
The 95% confidence interval for the population proportion is (0.192, 0.328).
We can claim with 95% confidence that the proportion of executives that prefer trucks is between 19.2% and 32.8%.