An institute reported that 70?% of its members indicate that lack of ethical culture within financial...
An institute reported that 70?% 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.
The probability is 60?% that the sample percentage will be
contained above __?% and below __?%.
Homework Answers
Normal approximation to the binomial calculation:
Standard error of the mean = SEM = ?x(N-x)/N3 = 0.046
? = (1-CL)/2 = 0.200
Standard normal deviate for ? = Z? = 0.842
Proportion of positive results = P = x/N = 0.700
Lower bound = P - (Z?*SEM) = 0.661
Upper bound = P + (Z?*SEM) = 0.739
The probability is 60% that the sample percentage will be contained above _66.1% and below 73.9%.?
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