Statisitics

Studenh Antonio Boler Instructor: Curtis Allen Brown Assignment: Week 4 Homework Date: 3/27/15 Course: Applied Managerial Statistics Problems Time: 8:52 PM (51)

Book: DeVry GM533: Applied Managerial Statistics

t: Ipq

P!zotri;

Although either technology or a table could be used to find zutz, for the purposes of this problem, use a table of normal curve areas, rounding to two decimal places. Recall that when constucting a95o/o confidence interval, a is 0.05.

zal2: zo.o5 lz : zo.ozs : 1.96

Substitute the z-value found in the previous step into the formula p!zotz rounding to three decimal places.

First find the lower bound,

Lower Bound : ^ P-zal2

l,( 0.421

Now find the upper bound, rounding to three decimal places.

UpperBound : i+ ,,,rl + 4.45+ 1.96

0.479

Therefore, the 95o/o confidence interval is approximately (0.421,0.479).

c. A confidence interval is an interval of values used to estimate the true value of a population parameter. In general, the confidence level for an interval refers to the confidence that the interval contains the true value of the parameter. Use this information to interpret the confidence interval.

pq

n

pq

n

(0.4s) (0.ss)

(0.4s) (0.s5)

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