A study of 658 CEO\'s conducted by the conference board reportedthat 250 stated
ID: 2914960 • Letter: A
Question
A study of 658 CEO's conducted by the conference board reportedthat 250 stated that their company's greatest concern was sustainedand steady top line growth.A. Construct a 95% confidence interval for the proportion of CEOswhose greatest concern was sustained and steady top linegrowth.
B. Interpret the interval constructed in (A)
C. To conduct a follow up study to estimate the populationproportion of CEOs whose greatest concern was sustained and steadytop line growth to within +/-0.01 with 95% confidence, how manyCEOs would you survey.
Explanation / Answer
250/658 = 0.380 ME = 1.96*[(0.38)(0.62)/658] = 0.038 0.380±0.038 = (0.342, 0.418) We are 95% confident that the true proportion of CEOs with thissame top concern is between 34.2% and 41.8%. 0.01 = 1.96*[(0.38)(0.62)/n] ==> n = 9051
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