[Q5: Only answer if you ABSOLUTELY know how to solve AND the answers match up ((

Question

[Q5: Only answer if you ABSOLUTELY know how to solve AND the answers match up ((tired of getting wrong replies.) So, please make sure you’re really certain. It’s appreciated.)

Really Explain EACH STEP, including any formulas you used (& how to use the formula), and explain how to compute with a TI-84 preferably/when possible.]

According to a survey of 611 small business participants in the Constant Contact Small Biz Council in May of 2013, 412 of the respondents say it is harder to run a small business now than it was 5 years ago. When estimating the population proportion, what is the 99% confidence interval estimating the proportion of businesses who believe it is harder to run a business now than 5 years ago?

Question 5 options:

1)

( 0.6302 , 0.71841 )

2)

( 0.62547 , 0.72314 )

3)

( -0.62547 , 0.72314 )

4)

( 0.27686 , 0.37453 )

5)

( 0.65535 , 0.69326 )

1)

( 0.6302 , 0.71841 )

2)

( 0.62547 , 0.72314 )

3)

( -0.62547 , 0.72314 )

4)

( 0.27686 , 0.37453 )

5)

( 0.65535 , 0.69326 )

Explanation / Answer

P = 412/611 = 0.6743

At 99% cinfidence interval the critical value Z0.995 = 2.575

Cinfidence interval = P +/- Z0.995 * sqrt (P (1 - P)/n)

= 0.6743 +/- 2.575 * sqrt(0.6743 * 0.3257/611)

= 0.6743 +/- 0.04882

= 0.62548, 0.72312

Option-2 is the correct answer.

  

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