An institute reported that 63% of its members indicate that lack of ethical cult

Question

An institute reported that 63% of its members indicate that lack of ethical culture within financial firms has contributed most to the lack of trust in the financial industry. Suppose that you select a sample of 100 institute members. Complete parts (b).

b. The probability is 80% that the sample percentage will be contained within what symmetrical limits of the population percentage?The probability is 80% that the sample percentage will be contained above ______% and below ____%.

(Type integers or decimals rounded to one decimal place as needed.)

Explanation / Answer

Ans:

b)z cut off value for 80% is 1.282

lower limit=0.63-1.282*sqrt(0.63*(1-0.63)/100)=0.568 or 56.8%

upper limit=0.63+1.282*sqrt(0.63*(1-0.63)/100)=0.692 or 69.2%

The probability is 80% that the sample percentage will be contained above 56.8% and below 69.2%.

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