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Saving for Retirement? A Retirement Confidence Survey of
Chapter 5, Problem 26AYU(choose chapter or problem)
Problem 26AYU
Saving for Retirement? A Retirement Confidence Survey of 1153 workers and retirees in the United States 25 years of age and older conducted by Employee Benefit Research Institute in January 2010 found that 496 had less than $10,000 in savings.
(a) Obtain a point estimate for the population proportion of workers and retirees in the United States 25 years of age and older who have less than $10,000 in savings.
(b) Verify that the requirements for constructing a confidence interval about p are satisfied.
(c) Construct a 95% confidence interval for the population proportion of workers and retirees in the United States 25 years of age and older who have less than $10,000 in savings.
(d) Interpret the interval.
Questions & Answers
QUESTION:
Problem 26AYU
Saving for Retirement? A Retirement Confidence Survey of 1153 workers and retirees in the United States 25 years of age and older conducted by Employee Benefit Research Institute in January 2010 found that 496 had less than $10,000 in savings.
(a) Obtain a point estimate for the population proportion of workers and retirees in the United States 25 years of age and older who have less than $10,000 in savings.
(b) Verify that the requirements for constructing a confidence interval about p are satisfied.
(c) Construct a 95% confidence interval for the population proportion of workers and retirees in the United States 25 years of age and older who have less than $10,000 in savings.
(d) Interpret the interval.
ANSWER:
Answer :
Step 1 :
Given, in a survey of 1153 workers and retirees in the united states 25 years of age and older, 496 had less than $10,000 in savings.
- The sample proportion is