SOLUTION: A survey conducted by USA today showed that 118 of 250 investors owned some real estate. In the past it showed that 45% of investors owned some real estate. Has the number of inv
Algebra ->
Probability-and-statistics
-> SOLUTION: A survey conducted by USA today showed that 118 of 250 investors owned some real estate. In the past it showed that 45% of investors owned some real estate. Has the number of inv
Log On
Question 578567: A survey conducted by USA today showed that 118 of 250 investors owned some real estate. In the past it showed that 45% of investors owned some real estate. Has the number of investors that own some real estate increased? Use alpha =.01 Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A survey conducted by USA today showed that 118 of 250 investors owned some real estate. In the past it showed that 45% of investors owned some real estate. Has the number of investors that own some real estate increased? Use alpha =.01
--------------------------------
Ho: p <= 0.45
Ha: p > 0.45 (claim)
----------------------
sample proportion = 118/250 = 0.4720
----
p(0.4720) = (0.4720-0.45)/sqrt[0.45*0.55/250] = 0.6356
---
p-value = P(z > 0.6356) = normalcdf(0.6356,100) = 0.2625
----
Since the p-value is greater than 5%, fail to reject Ho.
The test results do not support the claim.
==============
Cheers,
Stan H.
==============
(