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Sagot :
The Confidence interval for 95% who believes that the local businesses overcharge = (0.7026, 0.7574)
What is meant by confidence interval?
The range of values we see in our sample and hope to identify the value that most closely represents the population are referred to as a confidence interval.
According to the given information:
Sample size n = 1000
73% of town residents believed that local businesses overcharged for their products over 1000 resident.
= (1000/100) x 73
= 730
Sample proportion p = 730/1000
= .73
q = 1-p = 0.23
Std error of proportion = √(pq/n)
= √((.73*0.27)/1000)
= 0.0140
95% Z critical value = 1.96
Margin of error = 1.96*0.0140
= 0.0274
Confidence interval = sample proportion ±margin of error
(0.7026, 0.7574)
To know more About Confidence interval visit:
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