Question 203685
A telephone survey of 1,900 older consumers found that 27% said they didn’t have enough time to be good money managers (“seniors confused by financial choices – study,” msnbc.com, May 6, 2004). 
a) Construct a 95% confidence interval for the population proportion of older consumers that don’t think they have enough time to be good money managers.
p-hat = 0.27
E = 1.96[sqrt(0.27*0.73/1900)] = 0.01983
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95% CI: 0.27-0.01983 < p < 0.27+0.01983
0.2502 <= p <=  0.2898
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b) Interpret the interval in (a)
We are 95% confident that the population proportion is
between 0.2502 and 0.2898
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Cheers,
Stan H.