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Compute the standard error for sample proportion

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Reference no: EM132267402

IF ANYONE COULD HELP ME ON THIS MUCH APPRECIATED..Since the answers needs to use ONLY Excel formulas to complete If the solutions could be provide along with an Excel formula it would be great..

 In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment. But in April of 2013 Gallup surveyed a random sample of U.S. adults. Respondents were asked to select the best long-term investment from a list of possibilities. Only 241 of the 1005 respondents chose gold as the best long-term investment. By contrast, only 91 chose bonds.

a. Compute the standard error for each sample proportion. Compute and describe a 95% confidence interval in the context of the question.

b. Do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorability rate, or do you think this is just sample variability? Explain.

c. Suppose we want to increase the margin of error to 3%, what is the necessary sample size?

d. Based on the sample size obtained in part c, suppose 120 respondents chose gold as the best long-term investment. Compute the standard error for choosing gold as the best long-term investment. Compute and describe a 95% confidence interval in the context of the question.

e. Based on the results of part d, do you think opinions about the value of gold as a long-term investment have really changed from the old 34% favorability rate, or do you think this is just sample variability? Explain.

Reference no: EM132267402

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