Question 766031: Would you please solve this problem:
Q3: A large department store chain is considering opening a new store in a town of 15,000 people. Before making the decision, a market survey is conducted. Of 200 persons interviewed, 165 indicated they would patronize the new store. Find a 95% confidence interval on the proportion p of people who will patronize the store. Use this to give a 95% confidence interval on the number of people who will patronize the store.
Thanks
Yazan
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A large department store chain is considering opening a new store in a town of 15,000 people. Before making the decision, a market survey is conducted. Of 200 persons interviewed, 165 indicated they would patronize the new store. Find a 95% confidence interval on the proportion p of people who will patronize the store. Use this to give a 95% confidence interval on the number of people who will patronize the store.
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sample proportion:: 165/200 = 0.825
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ME: 1.96*sqrt[0.825*0.175/200] = 0.0527
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95% CI: 0.825-0.0527 < P < 0.825+0.0527
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95% CI: 0.772 < p < 0.878
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Expexted # of patrons::
0.772*15000 < x < 0.878*15000
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11580 < x < 13155
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Cheers,
Stan H.
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