Margin of error for the interval estimates

Reference no: EM1391784

A Phoenix Wealth Management/Harris Interactive survey of 1500 individuals with net worth of $1 million or more provided a variety of statistics on wealthy people (Business Week, September 22, 2003). The previous three-year period had been bad for the stock market, which motivated some of the questions asked.

a.The survey reported that 53% of the respondents lost 25% or more of their portfolio value over the past three years. Develop a 95% confidence interval for the proportion of wealthy people who lost 25% or more of their portfolio value over the past three years (to 4 decimals).

b. The survey reported that 31% of the respondents feel they have to save more for retirement to make up for what they lost. Develop a 95% confidence interval for the population proportion (to 4 decimals).

c. Five percent of the respondents gave $25,000 or more to charity over the previous year. Develop a 95% confidence interval for the proportion who gave $25,000 or more to charity (to 3 decimals).

d. Compare the margin of error for the interval estimates in parts (a), (b), and (c). The margin of error (Increases or Decreases) as p-bar gets smaller.

Reference no: EM1391784

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