A recent survey in the New York Times Almanac indicated that 48.8% of families o

Question

A recent survey in the New York Times Almanac indicated that 48.8% of families own stock. A broker wanted to determine if this survey could be valid. He surveyed a random sample of 250 families and found that 146 owned some type of stock. At the 0.05 significance level, can the survey be considered accurate?

State the p-value. (Round your answer to four decimal places.)

can someone help on this one? I've tried several different ways and can't get the correct answer. Can you show me by hand and by using a ti84 plus ce please

Explanation / Answer

p^ = 0.488

p = 146/250 = 0.584

Test Statistic :

Z = (p-p^)/ sqrt [ p^ (1-p^).n] = (0.584 - 0.488)/ sqrt (0.488 * 0.512/250]

Z = 0.096/ 0.03161 = 3.037

p - value = Pr ( p>= 0.584 ; 0.488; sqrt (0.488 * 0.512/250)) = ?

Z - value = 3.037

so p - value =1 - 0.9988 = 0.0012

You can use invnorm function in ti 84 calculator to get the required p- value.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.